IPL fertiliser business includes a wet acid plant at phosphate hill which would cost $3 bn to build brand new. Refer verdant minerals.
IPL and CXM aren’t comparable at all.
best you could hope for is a skinny margin on rock phosphate with a macro trend away from Morocco on the basis that western business are forced to pay a premium on western supplied phosphate or tariffs to that effect.
Valuation, page-19
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