I have been re-reading an old equity research paper by PAC...

I have been re-reading an old equity research paper by PAC Partners from 2020 as we all watch the share price languish "for now".
Its amazing to see everything they pointed out back then coming to fruition - at the time BCI was 19 cents.

However the point of this note is to highlight the following mention of what they said was the closest peer to BCI in the world Compass Minerals International. (CMP)
Commsec - Has approx 34m shares at circa $60 per share. Apart from making well over USD $200m gross profit per year with a Net income of approx $60m it indicates just how many bi- products appear to be possibilities for BCI.

It is the last sentence in the company blurb on Commsec that is fascinating when one considers BCI comments about future endeavours and its vision of going way beyond salt.
Will also be very interesting in the next month to see what revaluation to their models they give re salt and SOP considering how much the $ values have increased in recent times. Back then for forecasting financials they used an avg price for salt sales at US$48/t & SOP at US$550/t. Prices have changed significantly to the upside.

Compass Minerals produces two primary products: salt and specialty fertilizers. The company's main assets include rock salt mines in Ontario, Louisiana, and the United Kingdom and salt brine operations at the Great Salt Lake in Utah. Compass' salt products are used for deicing and also by industrial and consumer end markets. The firm also sells sulfate of potash, which is used by growers of high-value crops that are sensitive to standard potash. Compass is expanding its portfolio and plans to enter the fire retardant market, with its magnesium chloride-based product used to combat forest fires. The company also plans to enter the lithium market. Compass will produce magnesium chloride and lithium as byproducts from its sulfate of potash operation.