did mak mislead investors?, page-8

Hi Bluesky,

Although your appearance does coincide with, let's say, certain people making certain comments, your comments deserve a reply.

Without knowing whether MAK had seen these reports, let's look behind the figures.

Fertilizer Week on 30 October 2008 released a report stating OCP Phosphate Rock contracts settled at US$320-380/t fob.

A week earlier on 23 October 2008, Fertilizer week reported that OCP the world's largest producer would be shutting down its Jorf production complex from early November for 40 days because of adverse market conditions. (page 11) underscoring an issue in demand.

Further a report in Fertilizer Week on 6 November 2008 stated that Egyptian 65.5%BPL phosrock was on offer for as low as US$200-220/t cfr

So we have OCP shutting down operations at a minimum price of $320 FOB. They would only do that if they required $320 FOB, which is curious.