Why spend money and experience the associated down-time...

Why spend money and experience the associated down-time upgrading the plant when the outcome will be a similar return?

Due to the successful opertion of the plant in recent times, the upgrad became a 50/50 proposition...it all depended on the nature of their forward contracts.

Put simply, the upgraded plant was always designed to treat a much higher throughput, but at a greatly reduced rate per tonne due to the nature of the waste.

For now, the better profits are to be found with the exisitng configuration...it if ain't broke, don't fix it!

You are correct in your observation however that profits from the existing facilities will level off now.

So where will the growth come from?

Well...I'd be looking to some expansion and/or acquistion news...or maybe even a suitor?

Cheers!