I agree local phosphate plays are dogs. Unlike CNL which is...

I agree local phosphate plays are dogs. Unlike CNL which is close to markets and ports, they are stuck out in the wilderness. CNL has already tied down transport costs.
The local phosphate plays 4eminds me of iron ore hopeful Murchison Metals, which had punters frothing at the mouth when they first listed, because the ore was so rich you could put it directly into the blast furnace, too bad it was was 400klm from nearest port and the company would have to build a rail-line to get the ore there.
Maybe the big guys like CBA know something the punters don't.