longevity of phosphate boom, page-10

There seems to be a lack of knowledge here. The Saudis will be in first production in 2009 and have plans to supply 20% of global needs. Further, it should be understood it is a state funded project where US$6 billion has already been committed to this initiative.

Seeing MAK are probably two years out from first production, and it would appear are blissfully unaware of the near term Saudi participation - at least from what can be gleaned from their March investor presentation, then one might reasonably suggest the price of phosphate could be somewhat distant from what they project it to be in the years ahead. Logically, if a substantial new source for any commodity comes to market, then the supply/ demand equation alters and it will be reflected by the price

So yes, future price projections for phosphate are relevant to the MAK conversation, as is the timing of when they will be in business