Merc I was told that AC is holding at ~$1/lb and that is where ADA is modeling numbers into 2012. If it rises due to demand/supply imbalances, all the better. RedRiver is currently operating at apprx 35% capacity until demand accelerates into 2013-2014. They are selling to the water mkts to some limited degree and are showing operating losses but they have break-even cash flows. ADA's share of those operating losses is 22-23% on the first line so it has a beneficial impact on ADA's bottom line to have their share of this line down to 22% for the time being. At this point, ADA expects to be able to maintain a 50/50 ownership status on subsequent lines. Noritt royalties still have to be paid out of ADA's cash flow however.
On the DOE loan guarantee, it is now irrelevant I believe due to the fact that ECP funded the first line. Whether it will play into any subsequent line financing, we'll see. There were significant DOE "strings" attached to the financing that ADA was cautious about however, so I'm glad they are being careful.