ann., page-2

It is what we wanted ....
Here tis.

The rock phosphate benchmark Moroccan export price has
reportedly increased to US$350-400 per tonne FOB. This is a leap
from the $200 per tonne December 2007 price and is a multiple of
the $50 per tonne of earlier in 2007.
According to reports of last Friday in the trade journal Fertilizer News, and quoting RBC
Capital Markets, Moroccan rock phosphate exporters realised sales of US$350-400 per
tonne FOB in the first quarter of 2008, an increase of US$150-200 per tonne.
Minemakers Limited (ASX: MAK) believes that the outlook for the rock phosphate price is
very positive due to the strong underlying demand fundamentals that are being driven by
rising global demand for agricultural products, particularly from China, and the rising use of
biofuels. Accordingly, Minemakers has initiated studies for the development of its large
Wonarah deposit in the Northern Territory. As announced by the Company last week,
drilling programmes for reserves, mining engineering and metallurgical studies will begin on
schedule in April.
The results of these investigations pertaining to capital and operating cost estimates will be
available later in the year and Minemakers will provide these further independent revisions of
its earlier cost estimates as soon as they are available. However, it can reasonably be
expected that any increase in rock phosphate prices should report to the operating profit
margin.