now that's a plan i like

Just been going through the presentation and there are a number of things that I really like. Makes MAK look better than it has for a number of years.

* Out of Namibia, so they are not distracted by a margin project (remember the awful DFS), environmental risk, etc.
* Cash from Namibia $25 mil plus cash on hand ~$31 mil
* The new approach as outlined in the presentation of a staged approach to Wonarah development is what I feel really positive about. The plan shows that we can get to the 1st 200,000t P2O5 with $325 mil expenditure, then stepped expenditure after that of $235 mil per additional 200,000t P2O5. This is significantly better than trying to touch up NDMC for $2 bil. Makes it a much easier proposition to sell to potential partners and opens up the field of potential partners.

* the key is successful trialing of IHP method. The pilot plant in Florida is progressing (I talk with the JDCphosphate people from time to time). Demo plant should be completed on schedule and running in the 1st half of next year. They secured the last of the funding for the plant in August. They had already ordered and received delivery of long lead time items like mills, etc.

Additionally JDC have added Ronald Cambre to their board, former Chair and CEO of Newmont mining. Although JDC is very small it is a serious business with big names behind it like Misui, Agrifos Fertilizer, etc.