Ann: FNN Investor Presentation Sydney 20th February, page-24

All valid points but I believe Cralo's original post has been misinterpreted.

He referenced 200,000 t/y of Alumina concentrate, he did not say 200,000 t/y of HPA.

Given that we are likely to be processing the non-magnetic waste fraction first @ ~16% Al203 then perhaps we are looking at producing between 30,000 - 40,000 tpa of HPA, a much more palatable figure albeit still a large quantity relative to overall global consumption.

I assume this figure would represent total output capacity and not necessarily total stage 1 production volume.

If I'm mistaken you're welcome to correct me but I did not attend the presentation and do know what was said.