Hi Boris ,I have been around since before MAK hit the big time...

Hi Boris ,I have been around since before MAK hit the big time .Missed the main run ,but have been in and out a couple of times .
@ $100m for 2 of the largest deposits of phosphate in the world plus other decent assets is simply too cheap .

The grades are good ,the capital costs are do-able ,and the phosphate market is turning .

Managements plans have been delayed by the fact that the phosphate price lagged the recovery of other commodities .
I dont hold this against them .The share price also got hammered when the government dumped the idea of a resource tax on them .
I dont hold that against them either ,but it made it impossible for management to get away a raising without giving away 90% of their hard won asset.

The logical thing to do was wait until things turned .

Things are turning now ,and at this price the underlying assets are grossly underpriced and ripe for a takeover unless they can tie up a deal .

I also think criticism of management has been overblown when you look at many of the circumstances that were beyond there control .Not saying they are perfect mind you .

I just think MAK is well underpriced for their world class assets .
Buy straw hats in winter they say ,I reckon its almost spring :)