rock phosphate rises to $110 us fob morrocco, page-16

Thanks Geoff, always great to get insight into the rationale of Brokers - the way the current bumper crop has been pulled out of the low fertilizer input hat will delay the rebound in demand. No point pretending we are off to $450/T again in the immediate future without a change in the status quo. The rubber band will only be stretched tighter the longer it takes though - next move up will overshoot imo as a result (will be a good sell down point) - when? who knows - if all goes swimmingly with Ag markets it still can't go 2 years before demand creates higher prices, and since when does anything go swimmingly? - as the rubber band stretches a crisis could send it nuts at anytime. What crisis you say? lol If you think Gold is the ultimate safe haven in an inflationary environment think again - food will be gold.

Having said that the lower end of that range will still see us get a start in the market, the upper end could well mean full production. Either outcome I can live with and will still cause a rerate of Mak SP. The Lack of a valuation for Bon is not surprising - unproven method. Doesn't sound like rocket science though and smart money will not wait till Wonarah is already in production and Sandpiper feasability study is completed - never does.

So when Mak goes nuts for no reason at all again -( haven't forgotton at all the last irrational run to 70c) - we will more than likely read the reason 2 months later.