Ha, just saw that. Great minds and all that....I have been...

Ha, just saw that. Great minds and all that....

I have been having a discussion with friends and family who are invested in MAK at various levels, and we came to pretty much the same conclusion as yours in the last sentence of your post:

"You do not organise $1 billion of funding, get $20-40 mil cash and not end up with a company capitalized at $200 mil."

Well put Saracen. How long it takes to get there will probably be influenced by how much detail is released about the JV and funding initially. But it will all come out in the fullness of time, and we have been invested and accumulating MAK for a few years now, and it's all getting very close to the next phase. As far as I am concerned management can take as long as they need to obtain the best deal and best JV vehicle to progress Wonarah.

Ousia makes very good points about Sandpiper above, and I am very positive about the Namibian phosphate. It will add so much value to MAK in the near future, and our position can only be strengthened with time. On the other hand, the direct payment by NMDC for the Wonarah costs to date will progress Sandpiper earlier and with less dilution. Looking forward to hearing what AD has to say on BRR tomorrow.

The value of the Bayover phosphate mine is indicated by the $556m Vale has invested with their 40% stake. That is for a beneficiated product of 29%, with a capability of 3.9 mtpa (this taken from Ousia's link above) so we can see what NMP may be worth when it's in full production.

Add to that the value of Wonarah when a full scale phosphoric acid and fertiliser plant is on it's way to becoming reality, and you can start to see the immense potential MAK has in both projects. Potash Corp spent $260m just streamlining their Aurora mine in the US, which produces 4 mtpa rp and 1.15 mtpa phosphoric acid. The key to unlocking this value is very close at hand, and yet you can still buy shares for 34c. Make the most of the time left available in that respect if you think this deal will go through with NMDC, whatever the company is that they do the deal through.