Ilmenite (20% of Revenue) Forecast Annual Production 109,000 tonnes.

Ilmenite is a naturally occurring mineral, with the chemical formula FeTiO3. It has a titanium dioxide (TiO2) content between 45% and 65% and generally pigment manufacturers pay feedstock suppliers on the basis of TiO2 content. Global mineral sands consultant TZMI classifies ilmenite feedstock with a TiO2 content between 58% and 65% as chloride ilmenite and ilmenite with a TiO2 content of 45% to 58% as sulphate ilmenite.

DuPont, the world’s largest pigment producer and the only company in the world with the technology to use ilmenite as a direct feedstock, is a major purchaser of chloride ilmenite. DuPont makes all of its pigment with the chloride process, which yields a better quality product and which is less pollutive than the sulphate route.

Coburn ilmenite averages 61.5% TiO2 and the Company has a sales agreement with DuPont for 54,000 tonnes per annum. DuPont and others have expressed interest in the remaining volume of ilmenite.