"Still talking a second plant in the US already? Would be a...

"Still talking a second plant in the US already? Would be a laugh if the second one comes in first."

according to the 'aluminium project acquisition' ann. back in Dec 2009 that they "has commenced discussion with party A for the construction of two processing plants in the United States." So this is not something new.

The last RBMG report with target price A$4.27 assumed US$70m capex for three processing plants to be built in US with annual combined capacity of 520,000 tonnes.

Based on the figures quoted on the quarterly that the first plant is expected to have 200,000 to 250,000 tpa which is about 38.5%-48% of the assumed capacity in "one" plant. And what was the capex for one plant in US? US$70m/3 = US$23.3m

Now the future cash flow projection, it estimated that the EBITDA for 520,000tpa would be around A$100m, this is equivalent to A192.3/t. Then for 200k-250ktpa the estimated EBITDA would be A$38.46m to A$48.075m.

I know these are just estimated figures, reality might be different to it, but even the estimated EBIDTA reduce by 50% it still closed to A$20m so I don't see any reason that MHM can't secure debt finance for our US expansion.