Found a direct reference to the MAC royalty, there is a well written paper by Sandon Capital at http://www.sandoncapital.com.au/site/images/pdfs/Whitepaper_Iluka.pdf
An extract from the paper which recommends a demerger:
"Sandon Capital believes the royalty is significantly undervalued whilst it is housed within a mining company and would be more appropriately valued in a separately listed, pure play royalty company. Based on offshore comparables, the royalty today could be worth A$840m-940m. Should BHP Billiton proceed with the development of the South Flank deposit, we believe the royalty could be worth between A$1.7-1.9bn"
MAC Royalty
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