market cap today equals 530t of phosphate rock

Just to keep it in perspective if you are a mid/long-term investor like many here on the share registry;

FD 111,170,609 shares & options (per 9/7/08 3B) @ $1.43 = FD MC $159M.

RP say $A300/t ($US285/t).

Say 1mtpa RP sales in the first year.

Assume a low margin of $150/t, that 1mt will give MAK net taxable profit of $150M, less 30% tax = $105M = PE 1.5

I can see every reason why a pre-sales loan advance can finance all capex needed for pre-strip and machinery given that $50M represents sales of only 167kt of RP. At a start rate of 1mtpa that is ONLY TWO MONTHS WORTH OF RP SALES.

Options conversion in 5 months will bring in $5M to keep going for a while. It would be good to see no dilution through to production.