from todays oz

CRITERION can't let the week grind to a close without mentioning the phosphate hopeful's quarterly report.

Minemakers fully owns the Wonarah deposit near Tennant Creek, Australia's best untapped resource, with an inferred main deposit of 72 million tonnes grading 23 per cent.

The contents of Tuesday's disclosure went over your correspondent's vapid head, but according to a keen observer it shows Minemakers has solved its key problems of water supplies and transportation. Handily, the NT Government has announced a $100 million port upgrade, which means there must be an election in the offing.

According to Minemakers, export prices have risen from $US350-$US400 a tonne to $US450-$US500 a tonne. "If they produce their expected 3million tonnes a year then this increase is quite significant," says our man.

Criterion got on to this bolter at 56c in January and rode it to a $2.95 high in mid April. We maintain a speculative buy on the hope it becomes the next Incitec Pivot.