let battle commence, page-52

There appear to be some quite emotional heads on this thread.

The share price is not where it is for no reason at all.

"Companies recent presentation claims the venture is very profitable even if current RP prices persist."

Which presentation? Which venture? Wonarah?

Not the presentation of 3 Aug 2009. This said nothing about profitability.

Previous presentation said Wonarah Operating Costs Conservative early estimate of A$150/t with considerable room for reduction, o be optimised in the Feasibility Study ¡V due to be completed September 2009.

About Namibian Marine Phosphate Early OPEX estimate: US$70-100/t FOB. Early CAPEX range estimate: US$50-150M.

The recent quarterly report said:

9. Marketing and Price Outlook
The very high fertiliser prices of 2008, coupled with the current global financial crisis, have combined to cause abnormally low fertiliser application levels and purchases during 2009 and, consequently, a fall in rock phosphate prices causing focus on optimisation of Minemakers¡¦ anticipated export production cost. Phosphate fertiliser price quotes at the start of July increased again to above our currently anticipated operating cost.

Production targeted to begin end 2Q 2010
„« 2010 production @ 0.7Mtpa, subject to markets
„« 2011 and beyond ramping to 3Mtpa after expansion of Port of Darwin by Government

@ 0.7Mtpa, if RP prices returned to US$200 MAK could earn a margin of AUS $80 tonne and did not issue more shares, EPS afer tax would be around 12 cents. On margin of AUS$50 a tonne, EPS would be around 8 cents.

@ 0.7Mtpa, on margin of $50 a tonne (no tax payable), initial annual cash flow would be $35M.

However, if MAK focus on Namibian Marine Phosphate, large profitability would come sooner.

My view is MAK need to change their focus to Namibian Marine Phosphate.

I am in love with MAK.