Ann: Japanese Sales Success for ATC, page-6

Ferro tungsten price is about $US28/kg

It means they need buy ore for less than this.

Going back through presentations Japan looks like it consumed about 1200 tpa of ferro tungsten in 2011

Given that today's announcement claims 45% of "planned" production is under off take, the smelter would therefore be looking to make 2000 to 2500 tonnes of ferro tungsten. If someone can decipher the Japanese trade stats, and work out last years demand, that will give a rough indication of the total smelter planned production.

In any case 2500 tonnes at $28/kg is $US70 million revenue per annum. If they make their fabled 15% margin it's $10 million x their 60% ownership = about $6 million.