I have a different view on this point. I don't thinking the actual mining will be dominated but more so the down stream processing. This is where the capital requirement is. Consider this , annually we are producing around 3-4mt spod. Price around $2k US and even halved again, it's high value minable tonnes and not a volume game to the extent that iron ore and say coal is. Also is extremely more prevalent then iron ore in geological forms that can be mined economically.
In short, I think we will see big players as normal but there will also be a solid mid market miners as well.
Ann: Strategic Review Update, page-210
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