additonal us processing contract, page-13

I understood the tipping arrangement to still include a fee equivalent to landfill. Keeping the retained flux and Al to sell back should actually be more profitable, the only real downside for MHM is exposure to fluctuations in the Al price and the reduced leverage it gives for finance.

If they are getting 8- 10% AL recovery - say a 50,000tpa contract would contain over 4000 tons of AL at over $2000/T which is 8mill of revenue there alone. Plus the tipping fee of say $50 a ton (I think BEN mentioned about $60/T being landfill cost at the sydney roadshow) which is another 2.5 mill. The you have flux? I think potash containg flux is over $200/t at 30% recovery = another $60/T = another $3mill plus ALox 80? who knows what that is worth as depends on the purity but you would have to think $100/T at 40% recovery = $40 per ton which is another 2 mill. Gives you about 15.5 mill revenue. Times that by 4 to get your 200,000Tpa capacity and again you end up with numbers similiar to thos mentioned at roadshow.

Basically tolling/tipping much the same for us in profit but more security/finance kudos for tolling so thats the direction eventually.