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Ann: BW EQUITIES RESEARCH REPORT ON REWARD, page-20

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    Seems that the SOP pricing in the report is conservative at$US550+.

    On p31 of the report:

    Compass Minerals operating costs rising in late 2014 to US$570/tonne (BW estimate) was able to push $50/tonne price increase through to customers. Forecasting circa US$800/tonne for first half 2015.
 
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