What do you think caused todays sell?
Theories i've read about from fellow HC'ers.
*general red day
*a large seller operating
*the emergence of 'phosphate australia' (POZ) IPO which seems to compare quite favourably to MAK's resource, and hence may give investors an alternative place to ride the fertilizer boom.
*a rating of 'restricted' for Incitec Pivot Ltd on price warning [please note I only read this on MAK's forum earlier and have not seen the report. For my info, what does restricted mean?]
*uncertainty regarding future direction
*the sky has fallen in and we should all run for cover
I happen to think the POZ IPO may have had more of an impact than it has been given credit for. Untill now, if you wanted exposure to rising phosphate prices, MAK was the only option. POZ has an historical resource of 82mt at 20% P205, and 6mt at 25% P205. Both are only approx 6m deep, compared to MAK's 40m (i think), meaning stripping costs will be lower --> hence project perhaps more economic than MAK's.
What do you think happened?
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