It's not that bad.From the looks of things, only the first two...

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.