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from eddie on advfn "Link to Iluka's update... http://www.iluka.com/docs/quarterly-production-reports/september-2012-quarterly-production-report.pdf?sfvrsn=2 (As expected but do I detect a tad more optimism in their outlook?) GLA"

thanks- concur- its the timing of if/when, the possible third time attempt will crystalise :-)

trying to make a 100k sell look like a buy? nice one- makes a change eh? book it late did we? :-) jmo same again tomorrows then for all trades? what? why not? :-)

i mused earlier on timescales and reasoning-your thoughts? elections-rutile pricing-china-peer comparisons updates-etc etc

yes-note the trades? bought into at each step down? yet still pushed down further- weve known about price weakness for rutile demand for a while and srx says its seasonal , so srx volumes have been the usual aim slow side. why today? news was yesterday and last week-like old news. whats so special about today? an ordered-oops-orderly shake bake -investors on a plate and back come pala for the 3rd time lucky takeover? why speed the drop by ten percent when its bought into all the way down? if it was just selling i could see it as appropriate but not this way- had the funny patterns on previous pala offers. just my opinion lucullus. the mysteries of aim. (and china)

hows kenmare competitors price? stable? others within sector still stable? does that imply an organised shaekdown ready for a reoffer? or is it a genuine rutile pricing concern and a lack of patience that the new dredge is not actually on order just yet -other options being explored - which might also be seen as well wait to see how rutile pricing pans out as additional dredge was supposed to be built from turnover generated by rutile selling-at what $$$ will rutile and the sell on point become imperitive for viability without borrowing? placing ? dilution? postponement of dredge/ backburner even? since pala joined its all been positive - thus far they have been covering all angles? including agribus studies ongoing and further jorc and new drilling programmes for jorc extensions. yet to hear more on rare earths sat in tailings and in the jorc imo gl dyoR corbs-musing:-)

i come back from shops and see the sp- whaaaah tf? so down nearly ten clicks on a morning session. looking at figures its rather odd that the ten percent includes some one or more buying as the selling goes on-yet still its being pulled down. lets digest whats happened -weve had a huge amount of news recently with many points covered. firstly gibraltar moots about possible pala new offer to go all out for srx. yes its possible imo - i think other factors will need to be played it this happens- firstly allowing the sp to fall suddenly-especially when buyers are buying at each stage of each price drop is a thought- -why would pala buy at £1 or our recent 80p if they can see the sp down to 70p or even 60p and buy cheaper? then theres the elections due in sierra leone next few weeks. how will this go? i have not an iota. will it affect srx operations? i doubt it. if an offer is coming from pala i would expect it after elections when situation is seen as stable and they know whos at helm of country and what the future political stance is likely to be.i would also expect any pala offer to be when the rutile price future is more stable and alice can see through the looking glass? is the sell of an organised attempt at destability? other factors at work? or mainly due to chinois crash landing and rutile weakness?? the recent rns focus on prices for production which is great? does that help with peer comparisons? prepare us for any weakness and spongeness in future pricing? we have some prices to look at when we see rutile fall? noting srx still produces at many times less than what it sells at. arguments from all sides here me thinks? stockpiling im still ok with as per glencore zinc and new orleans warehousing scenario maybe srx can learn a thing or 2 from the zinc heavy weights? how many big rutile players would it take to follow suit? musical warehousing chairs? get my drift? :-) as for the sp - its all rather sudden - lastly advfn staverly and eddie alluding to iluka set of results due shortly its imperitive to look for pricing signals imo as i suspect this is whats a possible cause for recent (temporary? drop) will this lead to pala on the hunt with conviction with the additional dredge? in and wait for corporate action potentials? or jump off the bus? the conundrum eh? who missed the last buyout opportunity? who missed the reoffer previously? who sold out too soon before profit was profit etc? who never stayed to see the rise from 6p to 84p? circa? and whos still buying during the selling- in stages too. hmmmmm :-) dyoR corbs musing :-)

if they can still self fund the additional dredge from rutile sales then yes i will go with your line of thought- they have not said that they cant- i suspect they are looking also at alternatives? :-) maybe they will also await election results next month?

so much achieved-in such a short space of time- what a turnaround company-and so much more on the horizon-being planned -soon to implemented. 250,000 tonne/annum coming over next couple of years. agri bus survey news to come rare earths news to come in time additional resource pockets from drilling limits of tenements and new exploration areas? will certain new exploration areas be more viable for dry mining? :-) jmo-gl dyoR-corbs:-)

As announced on 3 October 2012 the feasibility study (the "Study") into a new large dredge (D3) was completed, on-schedule, during the quarter. The Study reported an exceptional project pre-tax NPV10 of $472 million, an impressive pre-tax IRR of 68% and a payback period of just 12 months. SRL is now completing an owner's review and value optimization analysis and at the same time developing a project implementation plan. Financing As at 30 September 2012, SRL had $16.5 million of cash on hand, having spent, during the quarter, a further $18.1 million on capital expenditures and costs associated with the new dredge feasibility study. In addition, SRL also had an inventory of 31.6k tonnes of rutile at 30 September 2012. Sales During Q3 there has been softness in the titanium pigment market. This is typical of Q3, which is often the weakest quarter due to the seasonality of pigment demand, however, there has been underlying slower levels of demand growth than experienced in previous quarters resulting from reduced global growth. SRL remains positive, however, regarding the medium and long-term demand for its products, and expects to see strengthening of the market in 2013. Commenting on the third quarter performance, CEO John Sisay said: "This has been a very exciting quarter; we have experienced a real breakout in production rates that highlight the effectiveness of our investment strategy over the last 18 months. Our dry mining project has been well executed and we remain on target for it to deliver product in 2012. We have also met our targets to produce a feasibility study into a new large dredge during the quarter, the results of which are outstanding. While the current market is somewhat soft, we remain confident that the lack of significant new supply and long-term growth patterns will underpin a strong market for our products for years to come. This, of course, is in the context of the current prices, which remain multiples above where they were 12 months ago."

Sierra Rutile Provides Q3 2012 Operational Update London, UK, 8 October 2012: Sierra Rutile Limited (AIM: SRX) ("SRL" or "the Company") is pleased to provide an operational update on developments during the third quarter of 2012 ("Q3" or "the Period"). Highlights: · Record quarterly production of both rutile and ilmenite: - Rutile production of 26,381 tonnes, 4% greater than highest previous quarter in Q4 2006 - Ilmenite production of 5,315 tonnes ·Year-to-date production of 68,991 tonnes of rutile and 15,630 tonnes of ilmenite, 52% and 49% respective increase on Q3YTD 2011 (45,346 tonnes and 10,470 tonnes respectively) · Full-year 2012 rutile production guidance increased to 85,000 to 90,000 tonnes of rutile · Dry mining construction nearing completion. Plant commissioning expected to commence in November · Extremely positive new dredge feasibility study completed, yielding o US$472 million project pre-tax NPV10 o 68% pre-tax IRR o 12-month project payback o 27-year modelled project life, with significant scope for further extensions to the project life Production Q3 2012 production of 26,381 tonnes of rutile was a Company record for a quarter, 4% higher than the highest previous quarter in Q4 2006. Rutile production was also significantly above budget and 45% above the 18,197 tonnes produced in Q3 2011. Q3 ilmenite production was above budget and 23% above the 4,306 tonnes produced in Q3 2011. SRL's production rates have been steadily increasing for some time due to the renewed investment in existing production assets. Q3 has seen a step change in production rates due to this cumulative investment, as well as the planned one-week shutdown completed in Q2 2012, where critical components on the existing dredge (D1) were overhauled or replaced. Year-to-date production is now 68,991 tonnes of rutile and 15,630 tonnes of ilmenite, respectively 52% and 49% greater than at the end of Q3 2011. Production guidance for the full year has now been increased to 85,000 to 90,000 tonnes of rutile and corresponding ilmenite. Expansion projects The construction of the dry mining plant is expected to be completed during October, with plant commissioning from ore previously stockpiled at the new plant commencing in November. Commissioning is scheduled to continue during the remainder of Q4, and SRL remains confident that production will commence during 2012, thus ensuring that the project will be delivered ahead of schedule and on budget. A significant proportion of the earth moving fleet has now arrived on site and is ready for use in production and mine preparation after the completion of plant commissioning.

http://www.investegate.co.uk/Article.aspx?id=201210080700051058O

The operating costs for the first five years have been estimated as: $ 219 per ton of rutile net of by-products (zircon & ilmenite) credits and over the entire life of the project as : $ 394 per tonne of rutile net of by-products (zircon & ilmenite) credits

http://en.wikipedia.org/wiki/EPCM EPCM refers to Engineering, Procurement, and Construction Management. It is a common form of contracting arrangement within the construction industry. In an EPCM arrangement, the client, in order to involve an experienced player in large projects, selects an EPCM contractor who manages the whole project on behalf of the client. The EPCM contractor essentially ensures that the whole project is completed as required and in time. Normally, an EPCM contractor completes the basic work such as site surveys, getting clearances from authorities, doing the basic engineering and preparing the site for the EPC contractors. It further chooses the EPC contractors and ensures the timely completion of the project. An EPCM contract is a natural progression for an EPC contractor as, if one is able to do an EPC of a project then getting a bigger EPCM job is advantageous. It helps to tap the already present competencies while ensuring better control over the project. Also, the value of the project managed through an EPCM contract is far greater than the individual EPC contracts

alternative method? they are? :-)

Next steps SRL will now commence an owner-review and value-engineering review of the Study with a view to optimizing the potential of the project. This will include the following opportunities: · The current Study assumes the mining of the Gangama deposit followed by the Sembehun deposit. This changeover involves an 18 kilometre dredge move at a capital cost of US$30million. Several opportunities exist to optimize this process, including: - a review of the mining sequence assumed in the Study, including the opportunity to commence mining in Sembehun and to mine Gangama by alternative means: and - the optimization of the mining path to reduce non-productive dredge moves and associated risk and capital expenditure. · The method of project delivery, which currently assumes a fixed-fee, lump-sum contract for the delivery of the dredge. An EPCM-based approach could yield significant savings, as the dredge currently constitutes over 42% of the total capital expenditure. · Results of additional drilling and potential resource improvements. SRL will provide further updates as these processes are completed.

Sierra Rutile announces impressive results from New Dredge Feasibility Study London, UK, 3 October 2012: Sierra Rutile Limited (AIM: SRX) ("SRL") is pleased to announce the results of its feasibility study (the "Study") into a new large dredge ("New Dredge"). The full Executive Summary from the Study can be found on our website at www.sierra-rutile.com. Highlights: · Exceptional feasibility study economics: - US$472 million project pre-tax NPV110; - US$301 million project post-tax NPV10; - 68% pre-tax IRR2, 59% post-tax IRR; and - 12-month project payback. · 81,000 tonnes per annum of rutile produced, on average, in the first 10-years of the project's life, with a further 43,000 tonnes of ilmenite and 7,000 tonnes of zircon concentrate. · 27-year modelled project life, with significant scope for further extensions to the project life. · Low cash-cost3 operation at just US$394 per tonne life-of-mine and just US$219 per tonne for the first five years. · Total capital cost, including contingency, of US$169 million over a 24-month project delivery timeline. Commenting on the successful Study, John Sisay, SRL Chief Executive Officer, said, "This extensive study into the introduction of a new large dredge illustrates definitively the world-class nature of our deposit and its ability to support multiple mining units. The value of this project and its potential returns is impressive, and it further highlights the inherent value of our existing, operating assets and near-term expansions. The low-cost nature of this project provides SRL the opportunity to be an extremely profitable supplier of rutile to the market for the long-term."

http://www.investegate.co.uk/Article.aspx?id=201210030700107732N

http://www.investegate.co.uk/Article.aspx?id=201210021500187467N

whos behind pala? vlad? shys from publicity? with his portfolio would you take it over right now? after last attempt gained what? 54%? the rare earths ? agri bus as well as the improvements that are now coming on stream need further defining do they not|? what else can be produced/mined? within sleone? coal? diamonds? do you not think hes already shaken the boulle factor and leopard? out? (historic- even colonial mindset?) now entering new period of gosl democracy. elections due shortly? gdp still growing above 5%? agri bus still fragmented even tho world programmes and charities all jumping in? ripe gibraltar- still ripe for selective picking? a great modelling with the keiser and some others before vlad decides? anyway -lotties bar or the barrelhouse still in existence in gib? i hear rookes frontage now flats? :-))