take over bid, page-13

Yes, and we heard from Russian media that when Rio was looking at a stake in Uralkali last year, the percentage talked about was 10-15% of $US15B, ie a $US1.5-2.25B investment in potash.

ELM would therefore be an ideal fit as far as size is concerned. We would have to have a long mine life and very significant further exploration upside to interest a major obviously, apart from initial robust margins.

We need to also know that the potash sector is controlled by an oligarchy of 8 or so players, with just the biggest ones having more pricing power than OPEC does in the oil sector. And further consolidation will increase this trend.