MHM progress report
- Plant upgrade completed at the Geelong salt cake and dross recycling facility
- MHM and Alcoa have agreed the procedure and timing to commence processing Alcoa’s 160,000 tonne salt cake landfill
- US plant capital cost being independently verified
- US site works are continuing including parking area, office upgrade, fencing and preparation for civil works
- Fourth US supply contract recently announced
- Continuing discussions with other suppliers of aluminium waste streams including salt cake and black dross
- Continuing investigations of debt, hybrid and equity financing mechanisms for the US plant
- Silica Division progresses with advanced contract negotiations for additional silica resources
- Advancing mechanisms to independently fund the Silica Division in a manner that is non-dilutionary to existing MHM shareholders
Australian Operations Update
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The plant is performing well and is initially being operated on a two-shift basis to allow for fine-tuning and to establish accurate reagent consumption and operating procedures. A report will be provided when capacity 24-hour operations have run continuously for at least two weeks so that accurate continuous throughput data can be provided to the market. Daily operating tonnages already exceed incoming material and the blending of partly processed slag is being trialled to maximise the reduction of stockpiles.
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MHM and Alcoa have agreed a program to commence processing Alcoa’s 160,000 tonne salt cake landfill as soon as Alreco’s raw material shed has been emptied and Alcoa’s current salt cake stockpile is processed. A conservative estimate is that landfill production will commence in the last quarter of this calendar year
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US Operations Update
The design and costing of MHM’s first US aluminium waste recycling facility is now being independently verified. MHM is investigating the suitability of a crystalliser technology to allow separation of salt from potash, which will increase the combined value of the salts recovered. The separation of these would enable the company to either sell each product as a separate commodity, or as a blend, which has commercial advantages. An initial capital budget for the US project has been prepared to more accurately estimate costs and assist with the project’s earnings calculations.
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Silica Division Update
MHM’s Silica Division has seen substantial progress in June with Executive Director Simon Wells advancing key contractual negotiations. There has been considerable interest from a number of multinational companies for off-take agreements for silicon metal produced by a Tasmanian silicon smelter. MHM has received sufficient interest from large users of silicon metal to advance investigations in how to best capitalise on its current assets. Consequently further work is occurring assessing the viability of a silicon division spin off from MHM. Given the potential size of the projects under development, MHM is focussed on bringing the silicon division to the stage where it can be independently funded. MHM is exploring funding mechanisms that are non-dilutionary but enable shareholders to participate in the future earnings of these potentially large projects.
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