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  "documentTitle": "Tronox Incorporated (TROX)",
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  "authorName": "Sandell Asset Management",
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  "presentationDate": "2011-12-01 00:00:00",
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  "notes": "The chart illustrates a widening gap between underlying demand and existing production capacity, highlighting the criticality of new projects.",
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      "text": "Supply/demand balance will remain very tight given 5 to 7-year lead time needed to bring on new ore mines.",
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      "text": "Specifically, chloride feedstock is highly concentrated with the top 3 producers representing 70%-80% of the market, depending on grade level. Through Exxaro, TROX will be the #3 player in chloride feedstock, behind only Rio Tinto and Iluka",
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      "text": "TiO2 feedstock consists of various minerals, ranging from ilmenite (50% TiO2) to chloride slag (80%-85% TiO2) and rutile (95% TiO2). Ilmenite and chloride slag represents approx. 45% and 20% of feedstock supply, respectively. Feedstock typically represents one-third of a TiO2 producer’s operating costs",
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      "text": "Significant feedstock price increases have only materialized recently. On 12/6, the #2 player, Iluka Resources, negotiated rutile price hikes of 80%-85% for next year",
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      "text": "Supply/demand balance will remain very tight given 5 to 7-year lead time needed to bring on new ore mines. Furthermore, up to 40% of announced mine development projects are at risk of being substantially delayed",
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      "text": "Relatively concentrated industry – top 3 producers represent nearly half of the global market. TROX will become the #3 player via the Exxaro deal",
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      "text": "Source: Tronox presentation, 10/6/11",
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      "text": "TiO2 Feedstock Overview",
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