get it right

Im not saying that mak doesnt have something but what Im saying its over valued based on the current development of the project.
They have not completed a bfs, there has been no ann as to parties interested in financing the project.
If this project was so fantansic and a no brainer in these rough financial times then money would be thrown at the MAK. They would be announcing finance tomorrow.

If the project was so fantastic then they would not be doing any more drilling they would be going straight to mine tomorrow. It might be a great project but its early days and there is a lot more work.

If they were ready, then ask yourself one question why are they doing further drilling, maybe they are weary that the phosphate price will not hold up.
They might need higher grades to achieve financing, noone handing over 200 million plus will put their money at risk to volitile phosphate prices.
Futhermore given that China does have so much they can easily change their mind and export phosphate. Even chinese do change their mind occasionally.

Investment bankers will be looking at long term price graphs and a resonable long term price will be used to calculate the profitablility of the mine. I think it might be harder than ppl think to achieve finance therefore mak are now trying to increase grade.