on potashblog, page-11

I am aware that STB does not have any global peers you can compare on a like for like basis. Out of all the potash explorers/developers in Africa, ELM is the only one which is above 100 mill and at a similar stage in their exploration phase, so you can very loosely compare the overall valuation metrics (EV/Resource Est, etc).

You are right in stating the mkt will only appreciate the difference in STB post production (as in the case of all developers cum producers that have a big question market on execution) but I think its important to look at relative value even at this early stage to get an idea of what we are paying for, even though it is not an exact science.

Disclosure: I have no position in ELM.