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A comment on the financials would have been helpful/reassuring, even if it were on the basis that the company continues to perform within/ahead of guidance. But, we are where we are.

What ho, Giraffe - I accept that you were not clear that you were comparing pots and pans rather than iliminite producers. If you just love African stocks, have a look at Shanta. DYOR and good luck! I hope you enjoy being a shareholder in KMR. For those of us who have been invested her for a number of years, it has certainly been a white knuckle ride on occasions. Positively tranquil today, by comparison.

No mention of products from Kanabo or its sudsids. Why is that?

Giraffe - something wrong with your conclusions. KMR supply 8% of the market, leaving the remainder to supply 92%. If there are 6 "other" producers, they must, on average, supply 15% each, almost twice the amount supplied by KMR. Consequently, some of the 6 must be larger?

Is there anybody there?

Rich - Happy New Year to you, or should I say "Blwyddyn Newydd Dda"! Thank you for your reply. All pretty sensible to my way of thinking also except I do not see the necessity for anticipating a huge bill for the next mine move. Unlike the recent move, I do not think there will be such logistical complications. I remain optimistic and look forward to record production and profits.

Rich - Please run that by me again. Profit for the year $184M. Shares in issue 95M. This delivers $1.93 profit per share. Converting $:£ at $1.20 per £, $1.93 converts to £1.61 per share. Are you then assuming a dividend of 25% to arrive at 40p per share?

Rich - Of course a reduction, even temporary, in production could impact upon the ability to meet future shipment demands. But an inability to meet future shipment commitments is not mentioned in the RNS. If that were to be the case, I would have expected the fact to be mentioned, not least the potential reduction in profit expectation. Neither are mentioned. Therefore, the presumption must be that the interruption of the power supply is a temporary event or that future production will not be affected. We will know for certain in next month's quarterly announcements, but I am not expecting any further surprises. I will be interested to learn why the RUPS did not obviate the outages. But is it not the Long Rain season when storms off the Indian Ocean roll in?

I fail to understand the puzzlement. The RNS clearly states that shipments will be maintained and that the quarter is likely to deliver records. If there is an interruption in ilmenite production it will not affect sales, nor should it significantly adversely affect future profits. The Company were right to make the announcement, but the doom mongers are out in force, it seems to me. I topped up when the price was below 420p. With record results around the corner, one would be daft not to top up, in my opinion.

Rax - You may be unaware, but Directors share a responsibility to publish RNS when they become aware that previous forecasts will not be met. This is all KMR have done. They did not have any alternative. It is for the investors to decide the significance of such announcements. It is inevitable that RNS are more likely to be negative in terms of the perception of "punters". Investors will take the announcement for what they are and measure the consequences vis a vis their investment, not the sp.

Now that the sideshows of offers are to one side, the Company has the time, without distractions, to carry on with its business. There are developments which have to be completed and there is product to extract. I was not fussed for the benefit of the employees for a takeover at any price. I also do not like the idea of a chunk of East African mineral wealth ending up in the hands of the Chinese. Consequently I am not unhappy at the way that the offer has been despatched and look for greater things to come over the next 6 months.

Rich - You are quite right and I stand corrected! Thank you, put it down to age!

If in the UK, sell before the drop going "ex div" and buy back as soon as the price has dropped after the "ex div" event. There will be brokerage costs, but keeps the dividend out of tax. Any profit will come in for CGT.

Well Rax, the price of your alleged "crime" is out. The number of shares bought was less than 0.1% of the existing share capital of a little over 94M shares. The price was $4.82, (or was that £'s?), a cost for 94,000 shares of $450,000. Well frittered, I say if it reduced the number of shareholders by nearly 20% with the attendant administration costs.

You are not alone!

Too small to have any effect on the sp.

Thank you, Rich.
I mention it because his retirement may have more to signal a timely takeover than other considerations.

How old is Mr Carvil?

I would have thought that the most relevant comment in the report is the presence of "sliming" in the ponds. "Sliming" does not happen over night and should have been anticipated and dealt with before it became a problem. This does not constitute a "reasonable report". The problem with shipping was anticipated.

Buck, many thanks for the link. It was an interesting conversation, It is a pity that Bobby did not enquire about the possible ramifications of Covid in China!!