Ann: Clariification of CEO Change & Company Updat, page-106

re: Ann: Clariification of CEO Change & Compa... In terms of softening, I think you state the postives and potential more often now, perhaps that's my perception rather than your posts.

Regarding Silica, mining etc, I wholely agree that the core focus should have been Al recycling for a lot longer than it has been. Regarding the filter, I don't see the delay being quite as long as you imply. Or at least the delay isn't entirely due to difficulties fitting and commissioning the filter. The thing wasn't shipped in until about six months late, as the company flagged that they needed to start shifting Al80 before it made sense to increase throughput - whether they have acheived this is questionable but they were confident enough to move forward, so perhaps a slight positive?

I too am worried about the process as it stands, the CEO leaving is not good news and does not speak of success. The wording of the last statement regarding characterising and accounting for materials through processing also seems to be code for "we're still having problems". (hopefully) the saving grace that will buy MHM time will be that Alcoa is propping things up with increased tolling fees, keeping the whole show afloat while they do try and finally figure things out.

You imply that they still don't have the man for the job with the new CEO, and that electrical engineering isn't what's needed. I presume this is speculative, as I doubt you have knowledge of the current workings within MHM? I also presume that just because the CEO is electrical in background doesn't mean they can't have metallurgists and chemical engineers working on their team? Again you imply that by needing the latter skill set that they really still don't know or can't make the process work fully.

It would be reassuring to hear management state that new material being processed is successfully turned into aluminium at X% salt at Y% and stable NMP at Z%. But since when has the company ever divulged the specifics (or even alluded to the products) of their process?!