email/write to asic, page-8

Moorookamick, welcome back - it's been awhile. The main issue with Jiangsu was that it was never close to being cash flow positive - the ramp up was taking forever (bit like LAMP at LYC) and I think more money will be needed to modify the plant to get close to 17,000 tpa. The conspiricy theory of a chinese plan to use aussie sh money and get a top notch plant in china under costs doesn't make sense to me. For a start the chinese could have built a plant from scratch for less - we are making over US$100M on the sale. Iggy tried to move too fast and it was always the debt that was our biggest problem - Jiangsu was supposed to start earning to pay off the interest - but was never near it. Now we are debt free, cashed up and have SdV - which I don't think is a joke at all, but a very large brine deposit in Argentina. Mt Cattlin's COP was too high - low grade, high cost of business in WA - so mothballing that makes sense - unless the dollar falls or Li price rises. I agree that this comp has completely changed tack a number of times - but the current board is different to the old - and M Rowley has form. I think companies like LYC would envy our financial position. It's SdV or bust.