I had predicted the end of PSH under its current structure by...

I had predicted the end of PSH under its current structure by Christmas. It got through Christmas and I congratulated the crew on their splendid effort in keeping it afloat that long.

Production of Soda Ash will now finish in May at the latest. Of course it may not last that long if it breaks down first or imported Ash can be imported quicker. Each ton of Ash manufactured is now admitted to be a further loss.

The idea of using the kilns to make Lime is bizaar and won't last long. Lime is a cheap commodity made in simple plants. Making it in Port Adelaide from metalurgical grade limestone and railed in coal is silly.

I expect all manufacturing at Osborne to be wrapped up by Christmas 2013. This will successfully reduce Australia's carbon footprint by importing Ash and Bicarb.

Those brave souls buying PSH shares today must think that somehow PSH will pay off $100m of debt from dividends on its minority shareholding in a new importer with no competitive advantage. Or perhaps they are using their money as a signal of sympathy for a doomed old ship as she majestically slides under.

bacci