Given our overall footprint edouardo,over time I think may well...

Given our overall footprint edouardo,over time I think may well be on the money in regards to our total tonnage of phosphate.
Short term,the next few months ,I'll be happy if we reach our presentation target of 500 mt(inc DSO ore).

Interesting what their valuing UCL at

Minemakers, by far the largest of the two companies and already owning 13 per cent of UCL, has sought to bring things to a head by mounting a hostile scrip bid, offering of nine Minemakers shares for every 10 UCL shares. The offer is conditional on 50.1 per cent minimum acceptance.

UCL has strongly recommended rejection, saying the offer substantially undervalues the company, implying a value of only 7c per tonne of phosphate -- almost 95 per cent below the $1.26 per tonne average of eight other phosphate explorers.

UCL says it is best positioned to unlock Sandpiper's value and questions the value of the Minemakers scrip.

UCL is backed by the independent expert Grant Thornton, which has valued UCL in the range of 43c to 46c a share, well above the value of the Minemakers bid.

Moreover, UCL chairman Ian Ross says the target board is "astonished and disappointed" that Minemakers did not engage with UCL "in any meaningful way" to discuss working together to advance Sandpiper. That's not how Minemakers sees it.

Minemakers has not been helped by the fact that its share price has fallen since the bid was announced in mid-February, implying a value of 32c per UCL share -- a premium of almost 60 per cent to CLS's previous closing price of 19c.

Since then Minemakers' share price has retreated to 23.5c, which reduces the implied value of the offer to 21.15c a UCL share.

By contrast, UCL's share price has risen strongly, closing yesterday at 29c, well above the offer value.

That could suggest the market considers Minemakers will need to increase the offer to have any chance of success. An improved offer would almost certainly need to include a cash component, as Twynam Agricultural and Donwillow, owned by the Kahlbetzer family and owner of 32.9 per cent of UCL or 36.88 per cent on conversion of notes held by Donwillow, have said they would not accept Minemakers' offer, or "any revised or superior scrip offer from Minemakers".

http://www.theaustralian.com.au/business/opinion/ucl-investor-move-adds-a-twist-to-bitter-minemakers-scrip-bid/story-e6frg9kx-1226333761969

Lots of potential for paitent holders.

Raider