Ann: Diversified Product Strategy for Great White Project, page-189

IMHO I think it is pretty clear from various things that James Marsh has said that the CAPEX for the Great White Project is ~$100m and most of this is frontloaded.

I'm pretty sure JM said that the plant will be built for 500ktpa throughput except for additional hydrocyclones.

Having spoken to another CEO in the industrial minerals space he said banks are very cautious about lending because they do not understand pricing sincethere is no reference price e.g. LME. Hence the opaqueness is a problem, witness the reuctance of MSI to allow ADN to publish the agreed price for PRM. Although surely banks can be trusted with that information!!!

I'm guessing 50:50 debt/equity spllt for financing.

I like your point about more of Phase 1 going to coatings. JM has said in an interview that there is a market in Australia e.g. Taubmans has two paint factories in Australia. I bought back in today when i remembered that. So much info to store in my old brain!

Do your spreadsheet on your revised scenario and it will show ADN is a steal <20c! MEP is highway robbery but I need to hold some ADN for Mt Hope & HPA.

Try a valuation for MEP/ADN that strips out Natural Nanotech & also HPA for ADN. Easily enough done when there are analogues on the ASX e.g. SPN - Sparc Tech - for NNPL & FYI, ATC etc for HPA.

Exciting times.