market cap today equals 530t of phosphate rock, page-5

Exactly, hard to believe though isn't it! That the fully diluted market capitalisation of MAK today is represented by a block of rock phosphate 250 metres long by 200 metres wide by 5 metres thick. By any IGV/MC parameter MAK is seriously undervalued. Great for investors though who are adding to their holdings as I have been doing.

If AD can deliver, and there appears no fatal flaw that anyone can identify that would prevent that, all will be well. He still seems very sure that 2010 production can be achieved, and spells out that many critical path tasks on the way to production can be done sequentially and not linearly as they had previously thought, thereby compressing the time scale.

What I really look forward to is news on the lower phoshorite unit at the Main Zone, as this in combination with the upper unit will lower capex and opex costs as AD pointed out in his BRR interview recently. More resources will hardly add value, I think some decent numbers on capex and opex are what we are interested in.