Galaxy and the next 5-10years, page-12

I’d say that’s probably a little optimistic mate. IMHO, the balance of 2020 will remain in the $400-$450 range. $1000+ per tonne leading into 2022 is unrealistic as far as I’m concerned. I’m optimistic about pricing moving forward, but a 150% rise in the price of spod within the next 18 months is pipe dream stuff. I would consider a 50% rise possible (to around $600-$650), but couldn’t see it going much higher than that without bringing on another supply onslaught, which would again drive the price down. I should also note that while I think a 50% price rise is possible, it’s not likely. My guess is around $500-$550 a tonne by late next year.