Australian Aluminium Operations
The report provided confirmation that 24 hour processing is currently taking place at the Geelong Facility. This is important because once we have processed the part-processed stockpiled salt cake we can begin work on the 160,000 of landfill. The stockpiled salt cake is expected to take three months to clear.
The other important point that I am glad MHM mentioned was that the potential shut down of Alcoa’s Point Henry Smelter will have no impact on MHM. Point Henry is a PRIMARY smelter, whereas MHM processes salt cake from SECONDARY (or recycled) aluminium industry/plant. This will hopefully clear up any confusion in the market place surrounding this.
Thirdly, the export of the AL80 is scheduled to commence on the 5th of March 2012 with customs finally approving the paperwork. Impex has exclusivity for all AL80 produced in Australia, however MHM has received expressions of interest from other countries interested in the AL80 produced from our US plant.
US Operations
The preliminary budget estimate is US$25 million for the construction of a 250,000 tonne per annum plant. However, given the property has existing buildings/infrastructure in site there is a strong chance this figure could be reduced to below US$20 million. Targeted earnings at $25 million per annum with the full capacity reached within 12 months of commissioning.
Silica Division
No new information was provided other than to say that MHM continue to engage with their corporate advisors and that a potential spin—off will take place.
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