biggest issue is that Ardmore is in the highest quartile of producers for rock concentrate at like 180 usd per tonne against say $50 usd per tonne from Morocco.
centrex are selling their concentrate to primarily be used in wet acid plants.
look at the price of dap it’s come off heaps over 22/23
https://www.indexmundi.com/commodities/?commodity=dap-fertilizer&months=60¤cy=aud
it’s not a transparent market for rock concentrate eg prices are negotiated between parties. I have a feeling the price being received for concrete going into dap would be materially lower than the world bank price, as otherwise map/dap producers would be losing $$$.
additionally ocp produce a lot of dap/map as well which further muddies the water
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