MHM Daily Chart 10/3/2011

Highlight from half yearly report 2011


US Aluminium Operations
Executive Director Ben Mead has relocated to the US to drive forward the Company’s expansion. To commence construction in mid-2011 the company will need to address:

»»Permitting
»»Site determination
»»Supply contracts
»»Additional salt slag feedstock from other sources
»»SSC landfill test work and due diligence
»»Other landfill identification, test work and due diligence
»»Government grants and concessions
»»Staff and training
»»Community Relations
»»Other matters as required

Mr Mead has reported that activities in the US are progressing well on all fronts. The US operating subsidiary has been incorporated in Delaware, under the name MHM Metals Corporation.

Silica Project Update

MHM also continues negotiation for offtake of both lump silica and silica flour, and has received enquiries for tonnage with price to be finalised. Testing of additional samples provided to possible offtake partners provides positive results.

MHM has now received sufficient enquiry for offtake that a drilling program over the Cape Sorell Project Area is warranted. The program is in the preliminary stages of planning with drill rigs being sought


Aluminium salt slag processing
1st half of 2010

Total Revenue $2,735,528

Cost of sales -$839,246
Pre-operation exp. -$977,051
other overhead exp. -$642,955
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Total expenses -$2,459,252

adjusted EBIDTA $380,587
Basic EPS -$0.0272ps

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2nd half of 2010

Total Revenue $2,198,466

Cost of sales -$469,513
Pre-operation exp.
other overhead exp. -$672,869
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Total expenses  -$1,142,382

adjusted EBIDTA $1,056,084 (up 177.49%)
Basic EPS $0.005ps
diluted EPS $0.003ps


Source:Half Year Accounts


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We should see an announcement tomorrow regarding the construction of salt pond.