Agree. ATC is in my view a dud. The Germans completed their due...

Agree.

ATC is in my view a dud. The Germans completed their due diligence in 2016 and by my calculations they have spent A$60 million on feasibility studies and a big hole in the ground. I don't think they have even carried out bench scale pilot work. Difficult to see how this will ever get off the ground. Essentially they over promised.

Alpha HPA bit the bullet, raised money and are building a demonstration plant. Interestingly this plant will mainly produce aluminum nitrate and aluminum sulphate. Not sure why but if the plant works it should prove the process.

I guess with a market cap of $250 million you could argue that FYI could have gone down the Alpha route and self financed a demonstration plant. Maybe they were in too deep with Alcoa and shareholder expectations to pull the plug. Alcoa gives them clout and significantly improves the long term prospects of the company but perversely at a cost to shareholder value.