Ann: Wonarah Enabling Study Confirms Economic Pot, page-6

re: Ann: Wonarah Enabling Study Confirms Econ... As soon as China runs out their rich 30% P2o5 ores, I am very bullish on the future phosphate price. Currently they are beginning to mine 18% P2O5 ores under 500m ground.

This year Chinese government begins to restrict DAP/MAP export, and the banning policy will not change likely.

Phosphate stocks are very hot in China share market this year, I don't know why MAK is still sitting on the bottom.

With rich gas supply in Australia, it sounds a good idea for MAK building its own ammonia plant for DAP/MAP products. A 500,000T ammonia plant costs capex around $350M in China.

Cheers,

Weihua