To derive what I can from this announcement, it appears that:
a) There is not sufficient interest in the KCM90 product to justify 300ktpa throughput.
b) Without this interest, ADN is unable to obtain the necessary funding for such a plant.
c) ADN now needs to revert to a smaller plant until it can demonstrate readiness (on multiple fronts) to scale up and produce CRM/PRM.
d) Scale up will be far slower, significantly extending the payback period and reducing NPV.
I am currently unable to establish any alternative reason for scaling down the initial plant so significantly. I welcome any differing interpretations.
My concern now is that management has continually espoused the demand for our product and the magnitude of potential suitors. If my above assumptions are correct, these statements now seem to be misguided at best and a flat out lie at worst.
To derive what I can from this announcement, it appears that:a)...
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