General discussion, page-229

Minbos (ASX:MNB), Fertoz (ASX:FTZ) and Centrex (ASX:CXM) are all essentially in the same business of Organic Fertiliser all be it at different stages of development.

The scales they are looking to operate in are also similar. Especially Minbos and Centrex. Their respective phosphate deposits are of a similar size and grade but their end markets are entirely different. Minbos has the unique advantage of supplying the Angolan farming community and has the full support of the Angolan government. They essentially have a ready made end market, which will more than likely be government subsidised. Centrex will probably have to work harder to establish a customer base but are arguably further advanced in terms of project development. Fertoz has spent years already building a brand and establishing a customer base and is the most advanced of the three.

Minbos Market Capitalisation: A$58m
Fertoz Market Capitalisation: A$69m
Centrex Metals Market Capitalisation: A$19m

When you look at what these companies are presently valued at there is a large discrepancy. For mine its pretty simple. Centrex will look to fill this valuation gap by establishing some end users for their product. This process looks to have well and truly begun.