What is interesting is whether CSR will keep, unload or increase...

What is interesting is whether CSR will keep, unload or increase its joint venture interest in the Tomago aluminium smelter.

The present effective 25% interest, if properly managed, is a consistent cash flow generator for the company. The EBIT from this undertaking last financial year was $112 million, representing over half of CSR's total EBIT.

On the other hand, the Tomago asset is valued at about $A 1.05 billion; CSR's portion being about $262 million (@25%). If the company realised its interest, where would the proceeds be reinvested to get a better return?

There is also another option. It might be able to increase its stake in the smelter for a significanlyt discounted price.

These alternatives require careful analysis.