announcement re multiserve, page-5

Leaving the SP aside, I think this is an entirely reasonable move by Multiserve.

'The EARS section of Austpac’s Newcastle ERMS SR Demonstration Plant has a capacity of 40 tonnes per day (equivalent to 13,000 tonnes per year), and it was operated for sufficient time in October 2008 to demonstrate the acid regeneration capability. Austpac plans to use the plant to recycle steel industry Mill Waste (eg. spent pickle liquor, mill scale and arc furnace dust). Therefore some equipment items are to be strengthened or refurbished to ensure the plant is capable of long term operations.'

Wouldn't you wait another 6 months?

'The upgrade will commence in the first quarter of 2009 and the objective is to be fully operational by the second quarter, during which time MultiServ will be able to fully assess the EARS technology. MultiServ now has until 30th June 2009 to elect to negotiate an agreement with Austpac for the joint exploitation of the technology whereby MultiServ funds any plant built to recycle Mill Waste.'

I think it's worthwhile to note/remember that APG is free-carried into any Multiserve deal

...so we wait a little longer
:)