Ann: 2014 Half Year Results , page-10

It's not that bad.

From the looks of things, only the first two campaigns have been booked. The last campaign should add at least $1.5m gross profit.

Their main expense is interest which should be decreasing this year, and consultancy which I guess is for the engineering study. A mining company will need to spend money to advance a mining project. I see this as investing for future profits.

Gross margins seems to be running at $4.50/kg. This puts ATC's gross profit for this year at $6.75m. It'll cost Haz $7.5m to buy 40% ($2.7m). Seems like a fair deal for both sides. Sure, it'll take 3 years to pay for it, but why would George be willing to sell out for less.