I think what one can take from this announcement is:1....

I think what one can take from this announcement is:

1. Management is comfortable with the upstream mining set up.

2. Management is looking to add value through exploring downstream opportunities.

3. Management recognises that agriculture is not the only primary use of phosphate.

4. Management recognises that LFP battery industry will create enormous demand for phosphate, especially given that most of it is now based in China.

5. Management is setting the company up to take advantage of those opportunities.

Also may be used as defence against possible takeover from Incitec or Wesfarmers, and to increase the value of such takeover.