82% phosphate yeild!

This is excellent news from JDC.
The technology is now proven to work and work very well; recovering such a high yield. My key worry was the hydrator would struggle as previous yields of p2o5 were very low. They seem to have succeeded in that regard. A yield of >70% was the aim, now i believe >95% is achievable if they wish.

The dust levels have also been addressed with the addition of bentonite as a binder. Will be interesting to see the additional OPEX with this, however it is slightly possible that Wonarah ore has sufficient clay content to work as a binder; time will tell. Nonetheless, Bentonite is not expensive.

I think the MAK board will now focus of sourcing inputs such as the petcoke, ben, etc. We are lucky in that regard as these can be sourced in relatively close proximity. The scoping study i believe will be completed by Q4 with both cash and the much capital we will receive after IHP commercialisation.

On that point, i would not mind seeing them utilise cash more. I have no problem in investing into gold to hedge out the macro risks in the short-medium term. Gold will also provide a much better return than cash imo. Also, i would personally be fully utilizing the buy back at these low levels. Opinions?

I now see no reason why the IHP will not be fully commercialized and be a success.

Looking forward to the next few months