As Markvl is suggesting, isn't the relevant thing in the case of MHM, whether or not they have built an aluminium waste processing plant? Which they have,
And isn't the other relevant thing whether or not they are being paid for their service, which they are and whether or not they are also producing saleable product, e.g. AL80, which again, they are.
Imagine if a broker put out a report that was as stupid as the arguments being made here, that being that people shouldn't by shares in a company that does have contracts and has built a plant, because we are not sure what happened with a flouride plant proposed by one of the directors some time ago.
The fact is we do know what has happened at Geelong.
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