us moolap comparison

Firstly, thanks for all who attended the AGM (i know it was some time ago) great food, conversation information sharing. A very passionate & switched on group of people & excellent conversations with the directors.
It has been a long learning curve for MHM in its Geelong operations. New tech to install, old plant/equipment, council delays etc.
Naturally there have been delays, some avoidable & others not. However although delays have been most frustrating the company have always delivered in the end!

If you have ever worked in this type of environment where the day to day plant operations must proceed with new equipment & tech being installed concurrently then you will realize what a nightmare it is. As Frank mentioned at the AGM, on many occasions they have had to shut down the plant just to relocate a gas line to make way for new tech.

Moving forward I would like to compare the Geelong operations with the future in the U.S

please forgive the formatting, if you can wade thru it you might find it a valuable read.

|Moolap |U.S
----------------------------------------------------------------------------------
Grants |Nil |$1 Mill

Council |Slow track |Highly supportive

Land |7 acre |115 acre

Plant |Old/decrepit |New, purpose built

Ponds/pumps |Needed at this stage. |Instant salt crystallizer

Transport |Waste trucked from Sydney, |Current rail link to suppliers and clients
|and shipped from NZ |

Employment |High cost & unionized |High cost & unionized

Suppliers |Reliant on a few suppliers |Dozens within economic radius

Al slag enviro disasters |Few so far reported |Major public concern, fires ,ammonia fumes leaching etc

Nmp storage |Inefficient bagging process |efficient purpose built inline process
|used until last
month |

Current available slag & dross |35 000 (?) TPA within |350 000 TPA within economic radius

Plant capacity |24 000 slag TPA |250 000 slag TPA

Plant capacity in the future |90 000 slag TPA plus 36 000 TPA|Unlimited with multi lines
|Alcoa landfill plus extra? |



Bring it on with the US plants, the sooner the better it will be a multi cash cow!
Let's not forget SPL in the new plant

The faithful who truly understand this co are buying as well as the smart money like Brazil Farming. But that’s another story.

There is no urgency for new cash, it’s not really needed until late this year. So why the worry about a cap raise, which when / if needed it will probably only be a $5 mill rights issue.

Perhaps also the co is waiting for a couple of new announcements, such as new US contracts, Al80 being passed thru Asian customs, Moolap aluminium recovery rates ,quarterly profit results now the wet is running etc etc...Any of which will pump the SP before any right issue is done.

Picked up some more oppies the last week, one day in the not so distant future we will thank our euro cousins for the mess they have made.

Your feedback & opinions are most welcome as always.

Regards to all.