Ann: Banco BAI Term Sheet Signed, page-33

From the very little reading I just did, the projects are at vastly different stages.

PHO is very early stages, and are still building their resource, even their most advanced project still has exploration targets that need to be drilled, and have only released their scoping study. PHO has a very large resource with a much lower grade.

MNB had a smaller higher grade resource, see it as a boutique product with a lot of in country (and export) demand. MNBs phosphate has had more agricultural field trials in the countries history and show it to be as effective as TSP. We are building the plant for production next year.