open letter to management, page-34

japar,

Yes the resource being so deep I think that it would cost more to extract it from the ground, compared to another company that may have a resource that is much closer to the surface (though I'm not sure of the details). But if the deposit is big enough, and the potash price does not fall too much, it should not be too much of a concern. But when the price of a commodity falls, be it potash or anything else, the first to be affected are those that have the highest costs to produce that commodity.

I'm not sure what royalties are payable for mining on fed land vs. state land...