please dont post on mak thread, page-4

I like Bonaparte's (renewed) business model, of looking for phosphate on the sea bed.

I think there are a few technical problems that absolutely have to be solved before it can be workable. The biggest is probably fresh water supply, to treat the dredge material, and there isn't much of that in Namibia. If they solve this, the production costs should ensure some great business going into the future.

Nevertheless, I think MAK is a much lower risk play given the near term price environment for rock phosphate and its diversification, hence why MAK has a higher valuation.