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Joeiniowa

05/28/12 10:26 AM

#3634 RE: Blairman #3632

Blairman,

Still here but the economics of the entire investment have obviously changed with now needing half a billion dollars to build a plant. That is going to require one very large partner to make that happen and if I was them I would just buy out AMY at these levels and own the entire operation myself. On the other side of this report instead of doubling in size and cost I wonder if they looked at the economics if just processing at the original rate and getting 50% less material out with the plan to duplicate the plant 2 years down the road? That gives the company options to improve a second plant from what is learned in the first plant. Plus $200M would have sounded a lot more palatable to most investors. Granted you are only making half the money but there is a supply/demand situation out there that says EMM prices should rise over the next few years with China producing less and demand increasing. Meaning in 2015 if EMM prices have risen to $2.5/lb and production costs are really $1/lb finding investors will be much easier. I think Larry likes to swing big and that is not necessarily going to produce home runs on every swing.

Joe