briefing with german shareholders frankfurt, page-29

Lenni2001, You are expected to know much better; SM's main task had been the development of the phosphoric acid line together with Bateman&Litwin.
Deciding for a completely different way of benefication, including spiral classifiers using the difference in specific density and magnetic separation using paramagnetic and diamagnetic properties of minerals lead to an enrichment of TREO to proven 9-10% and might even be to 15% (depends very much on mineral intergrowth). With this in mind they quit the processing to phosphoric acid and leave it with a precipitated pure Calciumphosphate (43% P2O5). Everybody with a bit of common sense can calculate all the benefits deriving from this.

Steve Mackowski did a good job, but the better choice considering price relations in 2011 changed all previous considerations.
At least a very wise decision of management; congatulation.