email from pw, page-26

Hi Maddoc.

I have just been researching Ausmelt's announcements over the past year. Ausmelt seemed to have it all made when the company "spent $17.5 million on the Whyalla project on plant and equipment, inventories and spares and start-up and commissioning services, against an original projection of $10.9 million." so the project had about a $7 million cost over-run.

Unfortunately the plant's history was short lived as the plant operated for only 3 months before falling zinc prices forced the plant's closure and it was placed on C&A.

As stated at the AGM Ausmelt was facing "a $16 million writedown as a worse-case scenario, and we are looking at every option to re-start the plant,'' Mr Abbott said.

Then along comes Intec and on May1st entered into a 3 month MOU for a "due diligence" period to see if it could treat EAF dust economically at the plant.

Intec seems to have many irons in the fire to ensure its survival so I am confidently looking forward to Intec not only surviving but also prospering in the future.

Cheers.