Ann: Altech - HPA Market Update Lithium-ion Battery Sector, page-41

Understood Sir Kriso. As long as the technology used by Hydro to transform the feedstock, bauxite to finished product alumina can be done in such a low operating costs, then there is potential for the company. The paragraph below is extracted from the link that you provide

Alumina​

The raw material required to produce primary aluminium is aluminium oxide, also called alumina. It is a white powder produced by the refining of bauxite. Some two tonnes of alumina are needed to produce one tonne of aluminium through an electrolytic process. Alumina is also used for a number of other purposes, such as water purification and as an additive in various applications.
Hydro produces alumina at Hydro Alunorte in Brazil, the world’s largest alumina refinery. Some of this is used as a basis for Hydro’s own aluminium production, but much is sold to other companies.

https://www.hydro.com/en/products/Bauxite-and-alumina/[/BCOLOR]



https://www.reuters.com/article/us-...ut-lay-off-4700-people-idUSKCN1MD2CX[/BCOLOR]



Too bad, Hydro has halt its operation in Brazil. I'm not sure how this will affect their 4N HPA production. However with such a closure of the biggest alumina refinery, it will somehow have a certain impact on its operational and financial. This is one of the risk that Hydro is encountering now. They need to clear off the environment issue & gets the approval from the Brazilian authorities. Messing with the authorities is the worst nightmare a company would want to deal with. See what has happened to Lynas. Correct me if I am wrong.

Littleshark​