Ann: Half Yearly Report and Accounts, page-2

Well, I cant fault RIC's ambition!

Big $100m capex on Tas and Bendigo feedmills. RIC must be satisfied with Lara feedmill design and operation as the new Bendigo feedmill looks strikingly similar.

Novacq appears proceeding with vigor. No word on customer acceptance, probably too early yet. I note the worldwide rights RIC enjoys are much broader than current activities. I would like to see active testing on other species (scheduled for later years). Novacq might have even greater impacts on other animals, though they are probably trying this on the quiet.

Nelson Cove on hold. Might have to await change of Vic government. Pity they couldnt sell Lara salt pans to dizzy Chinese buyers. Not urgent.

Rendering struggling - but there will always be hiccups arbitraging lumpy commodity inputs/prices and fickle farmers who stop buying when grass is good and rebuild their herds. (farmer behavior is highly visible and predictable) I note the Lara and Bendigo feedmills have very large storage silos to increase buying flexibility.

All in all, I am satisfied. All manufacturing operations rely on incremental improvements and efficiencies. RIC looks like they are across this. How Mr Market responds is anyone's guess.

Ash