Ann: Video Interview with Managing Director, page-84

You can gain a sense of production per this table from March 2020 (someone else has posted it within this forum at another stage too, from memory):



I have no ability to vouch for the accuracy or currency of the data set out within. However, it certainly supports the assertion that there is very limited worldwide halloysite-kaolin production.

In my view, there can be little doubt in theory that the big players in industrial minerals such as Imerys, BASF and Sibelco could become major buyers of ADN’s product.

My gut feeling is that this is not James Marsh and ADN’s strategy, a few thoughts in brief summary:

1. They want to become the world-leader in the halloysite-kaolin market, which bold statement in my view means operating somewhat independently from and outside the shadow of Imerys et al.

2. Selling direct to end users presumably attracts the best profit margins rather than selling to an intermediary.

3. As we have seen recently, a significant focus of ADN’s strategy is diversifying its prospective customer base across China, Europe, Middle-East, etc (and rightfully so in my view). Hence I think unlikely they would decide to place all of their eggs in one basket so to speak.