still very cheap when you look at poz, page-19

I'll remember your 20 call Champ. :-)

You have some good points about pe ratios of resources.

The diversified average is currently 13 on my books. IPL is 20.

The reason why I put it lower for MAK is that once into production at 3Mt pa, where is the growth coming from to warrant an above average pe? Probably not at Wonarah.

Their other projects, and any future exploration, or acquisitions, maybe.

I was counting on the tin/tungstan, fe, and flourite to provide some value, but they are increasingly looking like also rans. Any progress there is a bonus.

And yes, an assumption that RP prices would decline when the new projects come on line. There's enough known phosphate on the planet for a few hundred years. Now the demand is there the supply/demand equation will start to shift and prices will come down. It's inevitable. Prices may go to $400 + while new production comes on line, but there will be a rebalance. Just a theory and I'm probably wrong since you all think RP will just stay high forever. There are no cycles of course.

SDG.
:-)