Ann: Takover Bid - Letter to Shareholders , page-17

re: Ann: UCL: Takover Bid - Letter to Shareho... "the real money is and always will be in Wonarah". Not sure I agree about that. Wonarah is in a world class country but that does not make it a world class asset. The absence of the BFS? DFS? presumably means it failed to be economically viable the last time the master of the unwarranted superlative was promising to deliver it.

It will only be a money spinner for shareholders if they can benefit from the higher commodity price leverage it offers compared with Sandpiper? (Sustained raging bull market in phosphate required for that?) The long lead times for getting the infrastructure in place (compared with Sandpiper?) mean you need even greater confidence in the sustainability of the high phosphate prices?

I sold out of MAK last year at 35 cents (only to lose it all on a real English (well Uzbek) dog of a stock) but my profit on MAK even at that low price was entirely due to the poor performance of the pound against the mighty Aus $.