BELLAMY'S DOWNSIDE RISKS, page-13

Okay, but I think you will find that there is no such thing as first mover advantage or a moat in a commodity market. Oil is oil, iron ore is iron ore, and organic milk powder is organic milk powder. The main market is undeniably mainland china. Mainland chinese people don't care that its made in australia as much as they care that its not made in china. People dont care where commodities come from, who sells them, or anything else like that in the long run.