Once Wonarah underway with full financing & subsequent rail terminal => lower opex, you have a project with a 100 year mine life, attracting near 50%GM - I think it compares favourably with iron ore mining!
Overlayed with the following market dynamics -
* Wheat at over $7.30 / bushel CBOT.
* China potentially restricting fertiliser exports
* Russian wheat export bans in place till 2011.
* Vale reportedly launching an IPO for a fertiliser business.
* M&A activity in full swing - Agrium, AWB, Viterra, Graincorp, BHP/Potash Corp.
* Inventories of fertiler tight due to de-stocking post GFC - with an upturn in demand = further upwards price pressure.
DAP at $600 US - RP at $140US (slowest measure) and climbing.
All looking very bright IMHO.
Once Wonarah underway with full financing & subsequent rail...
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