Ann: Presentation to Macquarie ESG Conference, page-84

Another thought on that tech. The modular plants would be well suited to industrial use - especially smelters. We have seen with A4N just how long it takes to get even a high quality alumina product accepted commercially and progress it to offtakes. Considering that, I doubt that this new hydrogen tech would be a serious threat to A4N - at least in the medium term. Industrial users might be more likely to favour the iron ore feedstock over aluminum for the much lower cost hydrogen and not worry about the alumina byproduct. The iron ore feedstock produces hydrogen at half the cost and that would be very attractive to their business model.