email from pw, page-18

Hi Maddoc.

$20 to $30 million was the range of financing needed for the Newcastle plant. Originally it was $20 million to buy the plant and up to $10 million to employ staff, to reconfigure what had to be done to treat EAF dust and then to commission the plant.

As far as Intec is concerned they have not got anywhere near the amount of money required to buy the plant. They can't do it. Even the SPP won't get them anywhere near the amount required to buy anything substantial.

Your comment "I would suggest that as a shareholder I have right to know what my shareholder funds are doing" has, I believe, already been answered as far as Intec can at the moment. To quote from the SPP document; "The funds to be raised ............. will be used principally to advance the metalliferous waste treatment activities" of the Company.

Your comment that "shareholders (need) a sense that their money is being used for the right things (i.e those things that we grow shareholder wealth)" is fair enough. However Intec has said that presently it is concentrating on wastewater as a positive cash flow and has named projects that it is involved in. It can't do more than that.

Everyone, myself included, would like to see what you want when you say "I do want to see a high level plan eg purchase newcastle site in next 6 months, process EAFD dust, collect environ bond, invest in new water treatment technology" but that wish is entirely fanciful as Intec is in survival mode as are many other companies at the moment.

It has to survive till banks begin to lend again, confidence returns, and metal prices pick up.

Cheers.