Ann: Operational & Financial Update, page-126

10 tonne rock phosphate to 1 tonne up equals 1600 AUD all in sustaining cost as per feasibility study. Other raw materials add to around 2500 AUD by my calculation equals 50 percent cost. Power may be reduced . Good point. Add 20 percent remainder cost as guide. Without solar I get around 3000 USD cost. Chinese selling up in China at 3000usd. Perhaps dirty product and subsidies given for their plants in Morroco given. Providing solar/ wind cost savings and clean product wanted, Chinese product averse by Europe clean energy Commission, project goes ahead. ??? Hebang company owned partly by westerners. Vanguard securities and others