gcr vs legends phosphate assets

Surprised nobody has posted this.

http://www.lgdi.net/images/docs/11120773232.pdf
http://www.lgdi.net/images/docs/31120785346.pdf
http://www.lgdi.net/pdf/Legend_Phosphate_February_2008.pdf

Legend are clearly focused on phosphate deposits in north west Queensland they acquired before the agreement with GCR, namely Lady Annie and Lady Jane deposits. These deposits are more advanced that GCR’s as WMC completed PFS back in the 70’s and they are mostly larger and higher grade than the acquired GCR deposits. See releases.

Unfortunately if I was a GCR holder Id be rather frustrated at the timing of the JV but hindsight is a…..well you know. Clearly GCR would not be worth 2.7c now if they did not JV and came out with a some initial studies of their own and latter JV with a bigger player.

On the positive side GCR has backed a very astute player but unfortunately their deposits look like playing second or third fiddle to Legends 100% portfolio.

IMO appreciation in GCR’s rather low MC will probably occur in time as Legend progress’s the non GCR deposits and updates GCR on when drilling ect would be conducted on the JV deposits. Further appreciation of GCR assets could eventuate if Legend is more serious than I think of developing the JV deposits in the short term, perhaps in tandem with their core assets. Cleaver marketing by management would also help the SP IMO.

Ill wait and see on charts for this one.

Just me 2 cents

DYOR