let's get back to fundamentals, page-5

Great analysis document imo:

http://www.webcitation.org/5W0IxdohY

In this document it suggests that maintenance is Euro 20 per ton. Therefore 300000 X 20 X1.69 is what you should be spending. Thus about $10m per annum. The annual depreciation has been climbing to around $7m and the plant asset keeps increasing which suggests that in all likelihood they are spending the required amount for maintenance.

Another interesting process is that the USA plant that closed closed because of Trona as its not competitive to run a Solvay process with a good transport infrastructure. There has been some acquisitions by Solvay of plants in Eastern Europe - One which priced the process at Euro 180 m for a 500,000 ton plant pa.

The Bi carb plant is in the 5 biggest plants worldwide and thats a big plus in my mind. The biggest problem is the A$ and current the incredibly cheap shipping rates you can get as a result of the GFC.

My input. Still think its expensive above 35c given where risk is at the moment. Less than 8% return on shareholders funds - Not a good sign as interest rates firm.

Only small amount of equity held to be on register.