aus business journal, page-20

Hi All,

Well the share price shows that investors are under-whelmed by Dave's address. However it is news which we so desperately needed.

That the process is successful is terrific. Also that the process is competitive at only 1,000,000 litres per year with current disposal costs. It looks very, very positive if the scale of operations can be increased to treat all of Victoria's SPL let alone Australia's SPL of about 12 to 15,000,000 litres per year.

What amazes me is that it is "only competitive" with current disposal costs. I would have thought that with all the costs imposed by government to dispose of SPL that the Intec process would have been streets ahead; not just competitive. Then there is the bonus of $200 per tonne of zinc and iron being recovered from the process. Also I saw no mention of replacement HCl cost to refill the baths as the SPL went to the dump.

Let the process get overseas amongst the hot dip galvanisers especially the car makers and Australia's amount of SPL would look like a drop in the ocean.

That Intec is continuing to fine tune the process to get the most out of it is great but until a start is made on commercialising it I believe the share price will continue to hover around 3 cents.

Cheers.