News: Australian company seeks potash mining licence in Eritrea, page-42

I don't think anyone doubts we have a world class resource or that the mine WILL be built. The question is if DNK will be involved.

There are plenty of ASX listed miners/explorers looking to develop African assets but a huge number of them have failed. Just look at SDL. Absolutely Tier 1 iron ore resource. But they needed billions of dollars funding and a massive rail/port infrastructure build. Was looking hopeful but then the ass fell out of the IO price and the hopefuls turned to dust. That mine will be built in the future; but not by SDL.

Our project has the same risks but I believe we have a few factors working in our favour.

1) We have a genuine Tier 1 resource, that is easy to mine and requires very little infrastructure
2) We're not seeking billions. In fact, our CAPEX is relatively low compared to other Tier 1 projects.
3) The price of SOP has remained strong despite the complete collapse of the commodities market and so our funding is less risky to lenders (SOP has a floor price which def helps)
4) The Eritrean gov is a 50% owner so they need/want this to be built ASAP - there's no point using siege tactics with China to let us die a slow, unfunded death
5) Eritrea is serious about developing its mining industry and this is evident in the number of new project that have been approved or currently under review.

So I can understand why people are reluctant to accept the DNK story but as Paul loves to preach: we have a positively unique project. But this is still a gamble.

Every milestone that we achieve moving forward serves to derisk the project that little bit more so as we see less risk (perceived risk), we'll see a better SP.

I'm clearly a fan and believer that DNK will build the mine so if someone out there can convince me this is a crap investment, I'd really appreciate it. If I've missed something, I'd rather know about it than not know. I know why I invested; I need to know why I shouldn't. So knock yourself out RWA, tell us why we shouldn't... and leave the ELM comparisons at the door, bud.

Rant complete.