Thanks for the link. I had a bit of a look at the website and...

Thanks for the link. I had a bit of a look at the website and found the following in the news file - http://imformed.com/ceramic-proppant-pilot-plant-commissioning-in-australia/

Of interest is that apparently there was another company that was producing a proppant using fly-ash as an ingredient but closed its plant in early 2015 (I note it seems it was just an ingredient and not the main component part as appears to be the case with CKK). There is a further article on the closure. http://imformed.com/proppant-players-feel-the-squeeze/ with some detailed commentary on the proppant industry.

It makes for somewhat sobering reading regarding the competitiveness of the ceramic proppant industry and also discusses the extent to which frac sand is becoming a more popular alternative and the difficulties this presents.

I'm still bullish on CKK. There is obviously still a big market for ceramic proppants and CKK only needs to carve out a small piece of that market to justify a market cap well in excess of current but those articles have given me a bit of pause and I'll approach with a little more caution.