Ann: Shareholder Update - India Activity-ESI.AX, page-38

Interesting “little” conflict between the announcement and the footer addendum. Iron and steel.
The MATMOR process has the potential to revolutionise primary iron making.
The TEF study entails the technical and economic modelling of a commercial scale, fully integrated steel plant operation consisting of Coldry ‘composite’ pellet preparation, Matmor metal-oxide reduction plant, steel refining furnace, and casting plant with an output of 500,000 tonnes per year of billet steel. This modelling, led by M.N. Dastur, provides an appropriate basis for comparison against incumbent steel making processes, underpinning the R&D investment decision making requirements by the parties, in order to access the commercial scale potential.
The balance of activities in coming weeks will focus on completion of capital cost estimates for the Matmor process. Current indicative capital cost figures, which are subject to validation and detailed engineering following pilot scale activity, show potential for significant savings compared to traditional steel making processes, providing another layer of competitive advantage
These materials are different as chalk and cheese, Ashley Moore and Adam Giles are fully aware of the difference. I don’t think they are making a basic schoolboy chemistry mistake in mixing the two up as I have had long discussions about the steel making process and the difference in the value of the iron and steel products with these gentlemen.