Regardless of who gets this right in the end, it certainly is an interesting company to investigate. The more I read the more I like being here. I have been going over the 2009 annual report again and a few comments are worth repeating. The company spent $10 million upgrading the soda ash plant over the previous two years and $15 million on the bicarb plant expansion. So they have spent $25 million upgrading the chemical plants during the last couple of years and since that money was spent they have raised an additional $28.1 million through a capital raising yet the current market capitalisation of the company is only $32 million.
The annual report also described the Angustin quarry as the largest chemical-grade limestone deposit in Australia and the largest marble and limestone quarry in South Australia and said that it has an estimated remaining life of more than 30 years. I suspect the quarry alone would sell for more than $32 million.
GPASAS
PSH Price at posting:
38.0¢ Sentiment: Buy Disclosure: Held
