You are assuming another big fertilizer player is not interested...

You are assuming another big fertilizer player is not interested in the other 50% which will be far more attractive when NMDC come on board as some big dollars are required for DAP/MAP capacity. Well in excess of a billion dollars these days ... I wouldn't be so sure MAK will go for another dilution event if they can offload the remaining 50% for a tidy profit ...

There is far more likelihood of finding another partner for a value added phosphate project than yet another iron ore mine that will not be needed once the Western world debt bomb finally implodes ...