RP is not going back to US$50 (certainly not in the next 5 years). Thats a guarantee. Much has changed dynamically from the past, most of those we've discussed to death in the past. it would require an immense increase in RP production and that is not going to happen short-term.
I agree though the biggest risk to MAK (and has always been) is the phosphate price. MAK cannot unfortunately control this. If the phosphate trend was upwards (seems to have steadied by my readings) I have no doubt that MAK would be much higher now.
As MAK gets closer to production and the pundits realise MAK will make money out of this venture the situation will change. An offtake agreement is the key (in preference to a placement).
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