phosphate supply, page-6

rolf:

The supply from the Middle East, it has been claimed, is aimed for start in 2010, but they made very poor time judgement calls in the past. Given the huge amount of capital required, and current credit markets, that tells me that 2010 is a time frame that is way over optimistic.

Potash Corp agrees:

Limited New Solid Fertilizer Capacity
Other than China, which is building mainly for domestic consumption, new solid fertilizer capacity is expected to be limited until Saudi Arabia's 3-million-tonne Ma'aden facility is operational. Morocco plans to bring on phosphoric acid plant expansions in 2008 and 2009 that will enable it to increase DAP production, to capture more of the social and economic benefits of upgrading its rock. Until Ma'aden begins producing in 2011 or 2012, global demand is expected to exceed this new Moroccan capacity, keeping markets tight.

http://www.potashcorp.com/investor_relations/why_invest/our_segments/phosphate/overview/