The bigger question is; where will the A$ be when we're selling...

The bigger question is; where will the A$ be when we're selling downstream product in the years ahead, rather than so much where it is now? We have a lot of building and other work to do between now & when we start selling serious quantities of product. This gives us time for the US$ to recover some ground as their economy hopefully further strengthens.

I've been in the stock for over a couple of years now and have used the 'RSPT' SP collapse to average my buy price down. This challenging time can't be blamed on management. They toughed it out along with the GFC they had nothing to do with. The headwinds have been huge but over the past 12mths the fundamentals have been progressively falling into place for us patient folk as well as those who have cashed in on sp softness largely beyond management control.

Do I think MAK management are without fault? Certainly not. Firstly, in hindsight I believe they have been overly optomistic in relation to Wonorah's timetable, but that was them hoping RP price would recover quicker. It didn't, hence we now view their projections as overly optomistic. On the other hand if RP had gotten back to $200-250/t during 2010, we would be hailing them heros as DSO would've been highly profitable, rather than relatively marginal as it has been with RP under $150 for the past 12-18mths. With RP price beginning to look likely to head closer to $200 thru 2011 & maybe even higher, we are likely to enjoy a far more promising 2011. Secondly, and more significantly in my view, I feel management should've not played the BCD ball. They should've let it go thru to the 'keeper' regardless of the apparent promise. They used precious funds raised from spp which was committed primarily for Wonarah. That is my view largely because we haven't yet seen the deal struck which we hope delivers us significant equity, & even more significant debt, funding. Once that deal is done & money is in the bank, money well beyond anything we've previously seen with MAK, then $8.5M will seem somewhat insignificant. And just maybe BCD can be made profitable at current AU price, let alone if it keeps cranking, and BCD becomes a nice little earner on the side, while Wonarah, Namibia & maybe even Peru realise their full potential and some of our (hopefully soon to be) partners become big customers of our RP, phos acid, DAP, MAP & fert.

And while I may be prepared to call management to account for their poor decision re BCD (IMO), I also believe they deserve due praise for forging ahead inspite of the headwinds. I remain optomistic re MAK and eagerly await the anticipated ann re strategic partners, which will prob be early 2011 rather than 2010. We need a little more patience, but relative to the rewards I believe it's more than warranted.

Cheers