Broker Data, page-94

CXM plan is to sell rock phosphate as feedstock to synthetic fertiliser production. Where either sulphuric acid is added to make SSP or uric acid to make DAP.

The Direct application stuff was an attempt to get sales momentum prior to signing some big bulk contracts. This was unsuccessful in my eyes.

However the demand for SSP and DAP will continue to grow and the worlds number 1 and number 4 exporters have pulled out of the market (China and Russia).

The fertiliser companies realise they can't rely on imports any more and need alternative sources of product, Morocco don't want to expand production, they are happy to take the extra margin from high prices rather than risk it with massive capital expenditure. That's the thesis behind sustained high prices for rock phosphate and this company doing well over the next 10 years.