If you have held through the 2008 phosphate bubble and held...

If you have held through the 2008 phosphate bubble and held through the GFC I am not sure why you would sell now.
If you see more downside than up, then sell but I am not sure if that is the case.
The DSO plan and subsequent study lagged the phosphate bubble and coincided with a rapidly rising AU$ and falling RP price. As we know DSO is currently a borderline option at best.
The Verte MOU remains as unclear now as ever.
The BON takeover wasn't good for BON holders but the Sandpiper project (with or without control of UCL) looks like it will be a goer (pending FS & finance).

As for NMDC, the LCY stuff is a sideshow. NMDC have seriously looked at a $4B project in Tunisia. The Indian government are paying increasing amounts on subsidies and their press are leading us to believe that the government are leaning on NMDC to do the deal.
If they don't deal with MAK where will they go? Elsewhere in Australia? North Africa?
As to the delay, I agree it is hard to believe that it has taken 8 months. As for the price of the transaction, if one considers the recent Mitsubishi JV in Peru along with the Indian press comment on $50M then MAK should get enough to get Sandpiper going.

Finally there is the bear market. If MAKs does the JV with NMDC and secures finance for Sandpiper I don't expect to see a re-run of 2008 in terms of SP.

I can sympathise with your frustration.