MEP or ADN, page-385

Further to my casting an eye over the SUV acquisition I've also had a closer look at the WAK pre IPO info

MEP 25% share of the JV would exceed WAK 100% average annual projections in terms of NPAT ..

Back of envelope calcs I estimate SUV Imerys kaolin selling for approx $500 / t, but only @ 25kt per annum so very low volume whereas WAK numbers suggest a selling price of approx $300 /t for their 173 K/t

Great White JV has the holy grail of volume and quality .. that's why MEP even on a 25% of project basis, should be worth more than WAK and doesn't have $27M debt to pay down

GLTAH and as always DYOR