Ann: Laverton Training Centre - An APC Indigenous Initiative, page-4

APC market position looks like its heading North again today. I suspect the market has come to the reality that S04 is no longer viable and other players such as APC will now absorb or scale up accordingly any potash offtake agreements that S04 had in place.

APC has strong management and a level head at the top. We need to move beyond S04 now and look at this company as the grain in the sand now. KLL is the benchmark at the moment and APC will follow closely behind.

GLTAH