Grabbed a few today Fluffy as my phosphate play after looking over many companies.
A few things impressed me with NMN -Few shares on issue -Phosphate experience on board -No high transport cost -Mining friendly country -Vale's accumulating surrounding land Realize they need to prove up a resource but feel the upside here is worth the investment with so few shares on issue. Found this article which may be of interest.
Vale boosts holding in fertiliser unit for $1,03bn
By: Liezel Hill 30th September 2010 TEXT SIZE Text Smaller Disabled Text Bigger
TORONTO (miningweekly.com) ? Rio de Janeiro-based Vale increased its holding in fertiliser company Vale Fertilizantes, to 78,9%, the group announced on Wednesday.
Vale paid Minnesota-based Mosaic Company $1,03-billion for a 20,27 stake in the equity capital of Vale Fertilizantes, which corresponds to 27,27% of the unit's common shares and 16,65% of the preferred shares.
Vale now holds 99,81% of the common shares and 68,24% of the preferred shares of the company.
The group announced earlier this year it would buy Bunge Participacoes e Investimentos, which owned phosphate rock mines and assets, as Bunge?s 42,3% stake in Brazilian fertiliser producer Fertilizantes Fosfatados ? now Vale Fertilizantes.
Vale has taken a number of steps in the last few years to gain a foothold in global potash and phosphates production.
The group started up a phosphate rock mine in Peru in July and has projects in Brazil, Argentina, Peru, Canada and Mozambique.
Vale has indicated though that it is not planning to participate in a rival offer to BHP Billiton's takeover bid for industry leader Potash Corp of Saskatchewan.
Vale is the second-biggest mining company in the world and the top producer of iron-ore. Edited by: Liezel Hill
NMN Price at posting:
54.5¢ Sentiment: Buy Disclosure: Held
