In Jan 2012, Industrial Minerals as part of an article on High...

In Jan 2012, Industrial Minerals as part of an article on High Purity Quartz interviewed Professor Derek Fray from Cambridge University and MHM approved this press release.

"Although DR(Direct Reduction) has not yet been installed in a commercial operation, at least one pilot plant has been developed.
The commercialisation of the project is managed by JR Jericho Resources Pty Ltd, an Australian silica resource
and research private company, with the pilot plant planned to be established in Australia in association with
MHM Metals Ltd, an ASX-listed resources company with high purity silica reserves, access to a competitive
renewable energy source and experience in the manufacture of metals."

The project was expect to have an initial IPO capitalisation of about $175million.

Because of the S&M at the time Jericho thought MHM's had sound business Bona fides, $10M in the bank, access to power and suitable sand from the MHM Maydena silica sand option.

In addition, lab scale metallurgical silicon metal was manufactured by Cambridge University from the MHM Maydena silica sand demonstrating that technically the project would work using Maydena sand.

As a consequence, MHM was invited to be a part of an MHM, Jericho and the Cambridge University Inventors JV with the Cambridge University inventors providing technology to directly reduce silica sand into solar grade silicon metal without Co2.

After the core Al business meltdown MHM abandoned the project in March 2013. Giving the reason that the business was almost gone in late 2012 and they didn't want to allocate very limited time and resources or $150K needed to secure the initial $3Mill funding or proceed with the project.

A pity really since Cambridge University had deployed the Titanium part of that technology with UK base Metalysis of which BHP has a small interest and just recently Iluka has taken an 18% $20Mill investment into that Metalysis titanium facility.

SO I guess I have a couple of questions/observations.

1/ Since the project was released to the press in Jan 2012 did MHM breach their listing obligations by failing in continual disclosure of a potentially very price sensitive project?

2/ Too bad so sad MHM never had the foresight that Iluka has to invest in a technology which could have been a game changer for both the environment, MHM shareholders and Tasmania.