General discussion, page-1188

Interesting view...though I don't think AUD phosphate price is going to be affected that much for the following reasons:

1. Climate change / green policies in the west will support LFP battery demand growth which is starting from a low base.

2. If Fed kills the economy by propping dollar through interest rates we are going to see a significant favourable decline in AUDUSD rate. RBA just can't increase the rates much further due to mortgage cliff in June, unlike Fed.

3. Cattle and phosphate are two different beasts. People who eat meat can always go back to the simple diet of fruit / veg / grains. This would pull the rug from under cattle prices. But people cannot go without basic food. Phosphate is essentially a staple in that regard in the same way as wheat.

Obviously, we could all go fish for that 200-900kt of carp in the Murray and either eat that or use it as fertiliser but by that time CXM would have completed stage 1.5 out of cash flow