Its more of a case that high reactivity metakaolin (HRM) is a...

Its more of a case that high reactivity metakaolin (HRM) is a replacement for clinker inconcrete blends, which materially 'pardon the pun' reduces the carbon footprint of cement. If you have a look at https://lc3.ch/ it helps provide abetter understanding of the benefit and how its achieved, albeit this represents a new cement blend. Although, this can also be achieved by simply increasing the amount of metakaolin in the concrete binder mix ie more HRM, less cement and sand etc

As for ADN losing out on the low-carbon concrete opportunity, I don't think ZEO & ADN will be competitors really, as logistics will play a critical component of feasibility and Australia's major cement consumption is on the east coast, as are the major cement makers. ZEO pulls raw kaolin out of the ground at 80-90% kaolinite, so that would lower OpEx in metakaolin production, which I assume is the competitive advantage they are talking about.

The key I believe is, its not a case that you need to create a new cement or geopolymer to harness the carbon reduction benefits of metakaolin, but rather be able to present a compelling value proposition to the cement industry with a metakaolin product they will surely be wanting to leverage in order to meet carbon reduction targets and the volumes will be pretty big IMHO.

I believe ADN & ZEO are both well placed to dominate in their respective locals, I suppose the question is who will havethe bigger market.

Asdisclosure, I hold both ADN & ZEO.