Shares in junior mineral explorer Minemakers Ltd jumped on news the company continued to find high-grade rock phosphate at its wholly owned Wonarah project in the Northern Territory.
At 1221 AEST, the company's shares were up 12.5 cents, or 13.16 per cent, to $1.075.
The company plans to begin production by 2010 and will assess the potential to produce a direct shipping ore (DSO).
"DSO production would result in lesser capital and operating costs," it said.
Managing director Andrew Drummond said the immediate planning challenge was "where to begin the mining for the best economic return for shareholders".
Rock phosphate prices have skyrocketed since January last year from $US50 per tonne to between $US450 and $US500 a tonne by late July.
that wasn't too hard to paste was it!
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