Ann: Phosphate Fertilizer Project Update, page-323

Hi Chuk, I'm not much of a chartist apart from basic trends, support & resistance levels, so I'll leave the saucers & cups to you.

I was wondering where you read that Carrinho was going to double the size of it's plant. Probably in one of Lindsay's interviews but can't remember hearing or reading that. If it's the case, it could have massive ramifications for Minbos. You'd like to think they've done studies about how big & quick their market can grow, sounds like we might be looking at stage 3 very soon.

Unlike others here I'm not at all worried about getting a signed contract with Carrinho. Their business plan needs us, once we're in production they don't even have the option to import fertiliser. More importantly our phosphate suits Angolan soils, lasts in the soils for 3 years.

I am also not worried about getting the finance, my major concern is the time period that will take. Africa doesn't work at the same pace you'd expect here in Australia. End of July is fast approaching, I know Lindsay has said if they go straight to stage 2 they can catch up, however I think the market is expecting them to achieve their self imposed deadline.