Q4 Earning Discussion Area, page-73

The specifications set by converters, I believe are very important.

Those converters of chemical grade spod concentrate like less than 1% iron oxide and have specs for other waste content. Producers need to meet these or accept lower prices if the converter is willing to accept it at all. Converter costs rise if concentrate has higher waste content. Just like producers costs of spod go up if they have to process more ore to meet the specs.

This may be a factor in the prices received fo SYA spod on the market as well as the production volumes and production costs in order to meet those specs when compared to other world producers.

NAL has had high iron contents to deal with. This may have been satisfactorily resolved.

It may well be apparent in the next quarterly when compared to other producers.