MEP, page-30

Lots of confusion on HPA. Understandably.

ATM the IP is owned by AEM in Canada. It is possible that AEM accepts a takeover from ADN. There are connections.

James Marsh has said that he is working on some IP to enhance the AEM process to suit Eyre Peninsular kaolin. Remember JM is a chemist. Who would own that IP? ADN seems to be the straightforward answer.

ADN could easily sidestep GW by using Mt Hope material or even perhaps from the new JV announced recently.

No one likes this lack of clarity.

ATM the process seems to be that GWJV sells high purity kaolin at ~$1,000t to the HPA plant for which OPEX is $6-7000t for HPA5N which is then sold for $50,000t. Fanatastic margins! No wonder everyone wants a pice of the pie. But who is rightfully entitled to it?