buying time

Haven't posted for a while folks.

Have been to the Enviro conference in Melb yesterday and met with TOX's competitors. I'll keep most of my findings to myself for the moment but it did confirm:
a) TOX are prudent. Dolomatrix (asx code DMX), for example is taking some serious risk in buying BCD for $20m, especially in the leveraged form they have. I do not believe that their "$5-7m" EBIT on the BCD purchase is risk worthy. DMX's concrete business is suffering for want of contracts which is very odd with the boast that they have about their technology. Their licensing story may have some credit, but it's a very risky proposition.

b) other TDU technologies are suspicious...they either cannot treat concentrated waste or will not have the licence to do some nastier stuff. www.innovasoil.com.au is one that I thought had management that I wouldn't trust in a fit. Their mobile TDU is interesting, though...have a look at the website. But they have to do a lot of diluting to put into their TDU.

c) I get the impression that TOX are due to announce something soon. They've gone ahead with the Kiln back-end expansion (not material, but useful) and ordered another truck...the fact that they haven't announced smells to me that they've got something else to announce and that they'll talk about these two events with that announcement...but I'm not sure.

In any case 12c is a bargain. Bought 1m this morning. Thanks to some panicked seller. I've rung around and Wilson HTM, Bridges and Macquarie are not the sellers...and they're the brokers closest to it, other than perhaps Cunningham Securities in WA. Bell Potter and Intersuisse have received briefings this week and I know that some of the advisors went out and bought stock PA straight away.

So I can only assume that those selling are chasing the 7% run in Cu and Zn prices last night.... a sure way to do your dough...the metals market is not far from blowing up....

Staying with nice safe TOX.