General discussion, page-426

I was actually speaking with Datt Capital other day, he only ever expects near term producers to trade at 60% of their NPV until they start producing. Unless significant resource expansion is expected rr extreme price rises. On that basis CXM probably has about 150% to go, from memory their NPV was done on phosphate at 110? price is around 180 now, meaning After tax npv would be closer to 140-150 and we are trading at 40mill. No reason why we cant be 100mill MC. I would, however, caution people on being stupidly bullish on stock forecasts it creates irrational exuberance.