I think that if we can learn anything from what is happening over at KLL, and what has happened at SO4, it is that the potash industry in Australia is struggling to find its feet. That does not mean it will never walk or run.
Potash is not gold, or iron ore, and it does not simply rely on one being able to find it, dig it out and sell it for a profit. Those who compare a company like KLL to FMG are comparing apples and oranges. The mindset needs to change.
There are so many complicating factors involved in the potash industry, not least challenges in chemistry, geochemistry, hydrology, environment, location, plant and equipment, processing, transportation to market etc etc. This has never been done before (in WA).
Essentially, all of the potash companies are having a good old crack at it here in WA, each with its own set of unique hurdles to overcome.
I agree that companies should not make false promises, or blind shareholders with grand gestures of being ''the first producer'' or some other spin, if not only to remain cautious for themselves.
Now that we are seeing these challenges in all their glory, we should hope that companies learn from their (and others) mistakes. If you don't feel that a company will do that, well, you have several options.
Personally, I would never invest in anything that I didn't have a sound knowledge of and potash is one of those complex industries that we are simply not yet well-versed in over here.
Source: I am a geologist working for a potash company
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