bullish mosaic co presentation aug 2011

Hi all,
Just finished reading thru a very bullish recent co presso by Mosaic, which you can find at:

http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDM2NzI2fENoaWxkSUQ9NDU3MTUxfFR5cGU9MQ==&t=1

My take-aways from their market overview:
1. China, Brazil & India farm economics at or near record levels.
2. Fert producers running hard to keep up, inventories expected to remain lean.
3. Significant capacity, incl new capacity, expected to be required to meet growing demand for crop nutrients.
4. Limited global rock reserves.
5. Significant cost advantages for integrated producers & specific refernce is made in a graph of non-integrated Indian producers incurring around twice the estimated cost of raw materials compared to integrated producers in Florida.

This is extremely supportive of MAK's plans to become a fully integrated producer & of our expectation that India & specifically NMDC, having high levels of motivation to JV with us.

It's good to see green again, though I'm not about to pop any corks until our SP reflects that we're going to become a producer over the next 2-3yrs. Bring on the JV ann in Sept/Oct & our anticipated rerating.

Cheers