Sands sector continues to go from strength to strength. Zircon prices continue to creep to 2012 boom highs although rutile still lags a bit. Ilmenite prices going steady and support the operations (USD200/t+ versus mining unit cost of USD114+t). At current Z prices, there is a risk that trading takes over and can create a bit of volatility when shadow inventory is unwound but I think underlying demand can support that. TiO2 demand is kicking up steadily with supply potentially going to struggle to keep up, more so in higher value products. BSE produces premium grade products so gets the better of pricing and is evident in its low inventory position. Unless a prolonged and deepening trade war KOs China (key demand driver of sands and buyer of BSE products), mid-term likely to see strong pricing outcomes which should make it easy for BSE to bring online its prized asset Toliara.