q report, page-2

Minemakers I don't understand the delay or hesitation in pushing full steam ahead. Food prices are at a record high and will continue to go higher. You are sitting on two of the largest under-developed phosphate mines in the world, and have the potential to develop the first new phosphate mine in Australia in a decade. In Wonarah you have a billion tonnes of rock phosphate, enough for a 100-year mine, Andrew Drummond you are not getting any younger. Do you want to see your mines come into fruition and the growth of Minemakers as one of the largest suppliers of Phosphate? As Andy Dufresne said in Shawshank Redemption, 'Get busy living, or get busy dying'. What's it going to be with MAK? We've seen broker reports putting close to $2 calculated NPV...yet the SP has stayed in a trading range between 30c - 55c for the past 3 years. That is not a good return on any shareholders investment.

Be it Asian investment or US, if MAK are sitting on viable deposits then where is the interest? Remember there are no substitutes for phosphorus in agriculture. In the US there have been no reported sales of phosphate rock by domestic producers since late 2006 because all phosphate rock is used internally by domestic producers. Morocco is the major supplier to the United States. Can you benefit from the turmoil in the Middle East MAK? Are you going to break into the US and supply phosphoric acid? Or will it be China or India?

In 2010 MAK, phosphate rock consumption and trade increased worldwide after depressed market conditions in 2008 and 2009. U.S. production was about the same as in 2009, as companies attempted to lower stocks of phosphate rock that had accumulated over the previous year. Domestic phosphoric acid and phosphate fertilizer production increased over that of 2009. The world spot price of phosphate rock began 2010 around $90 per ton and increased in the third quarter to around $150 per ton.

A new 3.9-million-ton-per-year phosphate rock mine in northern Peru began operation in July. The leading U.S. phosphate rock producer acquired a 35% share of the joint venture between the Brazilian and Japanese owners of the mine. The U.S. company will have the right to purchase up to 35% of the annual phosphate rock output to supplement its domestic phosphate rock production.
A new 5- million-ton-per-year phosphate rock mine began operation in Saudi Arabia late in 2010. The associated phosphate fertilizer plant was to open in 2011. World mine production capacity was projected to increase to 228 million tons by 2015 through mine expansion projects in Algeria, Brazil, China, Israel, Jordan, Syria, and Tunisia, and development of new mines in Australia, Kazakhstan, Namibia, and Russia.

Development of new mines in Australia. Will this be you MAK, have you got what it takes or are we being taken for a ride? Patience is a virtue for those who care, why don't you take some time to try and give us news, good or bad as to whether MAK will one day live the dream or remain in our own minds a dream?

I am tired of this stock rising on sentiment only, it needs factual evidence to support this view. I believe MAK has the potential to be a real winner in '11 and want to be proven right.