Ann: Company Update, page-16

This looks like an interesting story and I bought some a few days ago. I'm interested to increase my position, however the one thing that tempers my enthusiasm is that there appears to be no shortage of phosphate rock globally i.e. it is not rare - there seems to be billions of tonnes available from North Africa etc. I understand that Ardmore is a premium product, however my reservation is that if these other producers can always undercut us by delivering a cheaper, huge volume product to market, how will we get out product into the market in any volume - I envisage that we will be able to supply small volumes to high end buyers who want a premium product and are willing to pay the higher price, however this is likely to be a relatively small, niche/boutique business stream.