If you use the World Bank figures as the basis for calculation....

If you use the World Bank figures as the basis for calculation. Dividing the 2008 and 2009 yearly average DAP price by the years RP price gives a multiple of 2.6-2.8 for Rock Phosphate. That places the current price of $450 DAP as a $160-$170 RP FOB Morocco price. That should provide a basis for HC'ers to work out where MAK should be. MAK will also have a $20-30 add on for freight advantage in Asia and a possible increase for the quality of RP also.

MAK is planning on shipping 1 mil tonnes for 2010-2011 with an HC estimate opex of $100 per tonne leaving $60-70 mil profit as a rough estimate. All numbers are on the conservative side.