Joewolf,1) I think all the cost reductions have been had. The...

Joewolf,
1) I think all the cost reductions have been had. The goldplating was long ago filed off and sold. The question to ask is this; What was the size of the workforce when ICI left and what is it now?
2)Most of the potential technology upgrades have been had. The use of cogen for steam requirement was a break through, the desal plant was a breakthrough, but these things cost money , the best opportunities have been had. The question to ask is this; Where would the money come from for upgrades?
3)If you are talking to the company or visiting I suggest you discuss the condition and age of the steelwork and pressure vessels.

The difference between this and an oil refinery is that I think this has been allowed to run down whereas the refineries are owned by big oil companies who keep the maintenance up.

As your numbers suggest I think the Soda Ash business is at best breaking even on huge turnover. The simple quarry is making the profit. This is odd when most of the employees, focus, and investment is in Soda Ash.

Looking forward to the end of year results.

Bacci