Great find Saracen.
Haven't looked over the whole thing yet either, but this quote grabbed my attention.
"With cash costs close to current phosphate rock pricing, LGDI is greatly leveraged to rock prices. If a mine and DSO outfit can launch in 2010, current and continued price increases raise potential for profitable sales."
If this is true for Legend at $1.34, then it is much more so for MAK. While both companies have not completed feasibility studies to determine the Opex figures for DSO cash costs, they could be assumed to be reasonably similar.
And:
"Valuation
Our 10% NAVPS is $2.51 assuming US$125/t fob long-term rock prices and $1.68 assuming US$110/t fob (high-end of latest Moroccan contract price)."
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