Ann: Technical Study Shows Viability of Saudi Plant, page-77

We know he was very committed, I had several personal conversations with him and he’d gloat about the projects viability. Doesn’t change the fact he was exited from the company alongside two other execs after trying to enrich themselves with huge performance rights (adding to a significant portion of the company) that shareholders rejected, embarrassing the board who had clearly lost the faith of major holders after this attempted enrichment.

Like Sisu pointed out, the project is unviable as a DSO or DRI operation if the IO prices plummet below certain levels, just like many such operations, other than those massive ones who can churn the stuff out at tiny cost. You got burned at a time when the IO price was plummeting, after reaching historic and unsustainable post Covid highs. It has recovered to more typical levels now.

It’s also a relatively recent proposal to develop a Hismelt plant and literally just months where the plan involved the Saudis. It would be naive to think such a project would take only 1-2 years.

Show us where in any of the recently and long prior released studies, does it indicate the project is not viable at typical IO and Pig Iron pricing levels. You won’t find it. Like I replied earlier, securing financing is always the main blocker, perhaps this Saudi plan and their commitment to a joint Hismelt venture is the key to clearing that financing hurdle for financiers who’d otherwise not partake if they were going it alone.