Ann: WAK - Three Year Offtake Agreement Signed, page-5

I was pleased to see the kaolin was for Vietnam, and for boring ceramics. That leaves big importers like China, South Korea, Japan and Taiwan still to run, and there are other Asian countries that import kaolin.

Vietnam and all other Asian countries export low-value kaolin, but import high-value kaolin,with the latter being worth a great deal more than the exports. The market in Asia for WAK-quality kaolin is high. The quality imports are mainly from the USA, but some also comes from Europe, so Australia is on average at a competitive advantage.

My intincts tell me that we are going to see tears in the battery metals game, and if not, WAK can get into the ultra-high-purity alumina game later when prices have stabilised, and the future known. WAK has a good basic kaolin business to rely on, so it is not a hyped up all-or-nothing gamble like some other kaolin-based story stocks.