7.5c SP -> $1.11 SP Target (Largest Potash Deposit in West-Europe) $30M MC, page-37

I agree with the vulnerability to takeover, with potash surging, whether it's BHP or another major wanting potash exposure, why wouldn't you want to buy a:

- BHPs Jansen Project scale deposit
- $680M AUD drilling inherited ($500M USD)
- Central location in Europe
- 100 year LOM with billions upon billions upon billions of inground value

If I was a major, I'd bid $300M tomorrow to try snag SHP, rather than trying to find a deposit of this size and in its location from scratch, spending well over $700M in drilling alone.

Although $300M was what BHP got Jansen for, a decade ago, without such concerns as we see today regarding food security or logistics concerns and its in the middle of nowhere. I'd think in contrast, these SHP positive attributes in these areas would attract a $500M-$700M bid,

$1.50-$2.00 a share. Even then, it'd be comparatively a bargain to acquire comparative to other existing projects at that price given the long term thematics and its key location. Dizzying.