rock phosphate rises to $110 us fob morrocco, page-14

I read the quarterly last night and was actually surprisingly impressed for a change. MAKs announcements are getting increasingly professional, and with the exception of failing to articulate a logical reason for buying BON, I was happy with the detailed guidance and continued achievement of the little milestones. The OPEX number for DSO remains the critical factor (along with some transparency on an achievable RP/t price) but I found it intriguing that MAK again pointed to circa AuD $30-35/t opex costs for dredging at Meob. The only reason for taking out BON when they did was if Meob could be brought into production at a significantly lower price than Wonarah: If this is not the case (as they slyly suggest via an explanation that the reason they made the investment was for geographical access to European/East coast north American markets) then the decision was a poor one. If they expect/anticipate/hope that Meob can be a significantly cheaper operation then they really should inform shareholders of is. I understand that a PFS won't be done until Q1-Q2 next year but in the absence of this information - or confirmation of amazing OPEX numbers from W - then MAK will continue to languish. Or are they remaining coy with the hope of cheaply gaining control of UCL so as to control 85% of Meob?