Hello Luker.

As you gave it, the price was for TiO2 Rutile. As I cited, Titanium is 59.934 percent of TiO2 Rutile. Naturally, Rutile requires less costly refining than the near 100 percent pure Titanium that I cited. Moreover, of course, you get more of the cheaper product per tonne of ore deposit than the pure Titanium example I used.

Also, I discounted the pure product 98 percent. It follows that the lesser purified product should be discounted less (in terms of realized profit percentage of the ore body) compared to its highly purified cousin, bringing the final realized prices more in line with each other.  

My point is, the market (albeit a thinly-traded market) tells us a great deal more than we're getting from Management, whose behavior betrays its complete unwillingness to consider market forces and market realities. Nothing begets nothing. Acting as though the market doesn't exist, poisons the thought process.

Whether you consider the highly purified product or the lesser purified product, the selling price cannot escape the realities of the market. Either way, you're miles ahead (and pretty much in sync) compared to acting as though a billion tonne mountain of in-situ Titanium ore is nothing better than a pretty picture in a private photo album.