Valuation, page-19

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.