DAVY VIEW

The full year production outcome is best seen in the context of a two-year transition period, during which the group is trying to expand production and hold existing output at the same time. This requires a careful choreography of investment and production, which it has almost, but not quite, achieved and we have adjusted forecasts accordingly. That said, the group still managed product sales of over 1m tonnes, the balance sheet remains very strong and ilmenite product markets continue to have an upward pricing bias.