Sgoni,My opinion, and that is all it is, is based on the...

Sgoni,

My opinion, and that is all it is, is based on the following; (and these points may or may not be relevant)

1)The sustainability of the current Phosphate price. I am not a scientist but right now it is VERY hard to find a bearish point of view on the price of Phosphate. If you really look at the numbers I think you will find that in 2 years time there will be plenty of Phosphate feeding into the market. It may not drop back to $50pt but we could easily see $150 - 200pt again. In simple terms there is lots of the stuff out there in very commercial quantities...the price until very recently has never made it commercial. It's not like a gold mine or FE or copper mine which may take 5 years to produce...if you study Phosphate overseas you will find they can get it out much more quickly. Hence my first point is Phosphate price. BON are very exposed to price due to the expensive dredging.

2)Dredging phosphate....has never effectively been done before...despite assurances to the contrary. It isn't as easy as they would like you to believe. Phone up a few dutch dredging firms and you will get the answers very quickley! They quote $200,000 per day for the dredger...this is conservative. Believe me I have friends in dredging.

3)Cap ex....likely to be $100 - 200m UNLESS they can sell directly from the dredger at 20% concentration to the end user / wholsaler. Not much of deposit is likely to be at 20% hence you will need the capex on shore to upgrade / mill the dirt to something worthwhile. To avoid the high cap ex you will need to find a market for 20% phosphate and that likes salt!!!!!!!!!???????? Salt normally kills plants.

4)These guys have given Diamonds a go and have now found the latest play thing / hot commodity. Somebody once told me that if the reason you invested in a stock originally ever changes then get out.... Since inception if you were to judge them you could only really say average at best.

567) Cannot really put here...but I think the first 4 give the gist.

Over the next few months BON will bring out plenty of good news...i'm convinced of this...and hence if you are a smart trader you should be able to make a killing. My problem is i'm just not that smart and i'm not a trader but an investor.

So those are my points as requested. I won't claim to know everything and please do your own research. Good luck.