Ann: Presentation To Shareholders - Darwin 27 Se, page-10

re: Ann: Presentation To Shareholders - Darw... "the resource alone is worth 20c - 25c"

no its not. its all about logistics with bulks like phosphate. if it costs too much to get it to port its worth nothing. just look at mak - its the same thing. have a look at all the listed phosphate hopefuls here and overseas - the only ones that have the quality of the resource reflected in the share price are the ones with near term projects with favourable logistics. Arianne in Canada and MBAC are two best examples.

the recent presentation looks promising, but there is a lot of competition in the Georgina basin in a better situation than NUP yet getting nowhere fast. RUM and Paradise are two examples. even incitec have questioned the future viability of duchess recently.

NUP has a long way to go and a competitor in a better postion next door. i hope management can do it.