@Glenn, here is an interesting comment on SI:

From SiliconInvestor Omega_Wolf (forgot my account info, so I can`t post there)

No one is going to agree to give you red mud so you can compete with them more cheaply and no one is going to build a plant to process red mud if the alumina isn't cheaper. Those are the key and necessary considerations in grasping reality here IMO.

This envisioned business model must include a state where the owner of the red mud buys the alumina more cheaply than they make it themselves while Veolia makes money doing that. I see no way around that.

Yeah, maybe, but what about if no alumina is produced, but High purity alumina is produced, isn`t that a win-win possibility since HPA and SGA are completely disconnected market hence the smelter is not parasited with these cost consideration?