dap up to $450 and rising, page-14

If you use the World Bank figures as the basis for calculation. Dividing the 2008 and 2009 yearly average DAP price by the years RP price gives a multiple of 2.6-2.8 for Rock Phosphate. That places the current price of $450 DAP as a $160-$170 RP FOB Morocco price. That should provide a basis for HC'ers to work out where MAK should be. MAK will also have a $20-30 add on for freight advantage in Asia and a possible increase for the quality of RP also.

MAK is planning on shipping 1 mil tonnes for 2010-2011 with an HC estimate opex of $100 per tonne leaving $60-70 mil profit as a rough estimate. All numbers are on the conservative side.