IPO - WA Kaolin Limited, page-504

Agree, hence it says 'current price'.

It's quite an opaque market and most of the new co's seem to think that the true cost is higher than their estimate right now, but they believe it will come down to their estimate...

In the case of the above, FYI have been working on their process for 3/4 years, it's not a simple or quick process to make HPA from Kaolin, or to get it to the exact specifications needed by end users otherwise everyone would be doing it already.

First mover advantage will be key in my opinion, as their tech and process should be easily scalable with the help of Alcoa...