There has been alot of numbers bandied about as of late regarding the insitu values of some of the R.O.F. holdings..for example FWR's Chrome being valued at about $40 billion (assuming 100 million tonnes at $400/tonne. We at FNC must not forget about the potential value of our Magpie holdings. By all estimates there exists nearly 1 BILLION tonnes at 10% Ti02...that's 100 million tonnes, and FNC holds roughly 50 million of it.

I have researched that the world consumes roughly 5 million tonnes per year, with the U.S.A. itself consuming about 1.5 million tonnes per year. According to the following report the U.S. was 77% reliant on importation for their 2008 consumption, with total consumption value rougly equivalent to $600 million....52% of the U.S. consumption was imported from South Africa, 15% from Canada. That combined 67% would be a very nice market to corner....and would amount to a value of about $300 million per year. FNC could potentially supply that 0.75 million tonnes (77% of 1.5 million tonnes/yr x 67%) for about 70 years.

http://minerals.er.usgs.gov/minerals/pubs/commodity/titanium/mcs-2009-timin.pdf

Cheers, Luker

Disclosure: FWR:NOT:FNC = 44:38:18