I understand your desire for simplicity and purity but don't...

I understand your desire for simplicity and purity but don't agree, billy.

The IO royalty kept ILU going a few years back when it was building a giant stockpile of zircon. The pile has now halved and erased the debt taken on to buy SR.

The royalty cashflow allowed ILU to operate strategically. It is a leading player in Zircon, Rutile and syn Rutile, which it upgrades itself from low-value Ilmenite. I don't think it would have achieved this relying solely on mineral sands.

And it was no trouble for the sand mining team to manage the IO royalty - ensure they were paid correctly, negotiate well with BHP etc. You or I couldn't do that.

The royalty is an odd companion to ILU's main business. But it works.

Ash