Good work Saracen. This starts to put the value of MAK into...

Good work Saracen. This starts to put the value of MAK into perspective once MAK becomes a producer, which if the climb back in phosphate prices continues will happen this year.

Of course as Sigmadelta rightly states, opex and location are major factors as well. The size of the deposits are another.

I found this at http://www.euroinvestor.co.uk/news/story.aspx?id=10852707

BPI is estimated to have proven and probable reserves of 339 Mt @ 8.4% P2O5 at its Araxa and Cajati mines.

Fosfertil is estimated to have proven and probable reserves of 1.189 billion tonnes @ 8.4% P2O5 at its Catalao, Tapira and Patos de Minas mines.

The operations are located in geographical areas that concentrate about 45% of Brazil's grain output and 40% of the fertilizer consumption.

Noting that these are reserves, still, Wonarah is comparable at 1.105 billion tonnes, JORC compliant resource @ 18.8% P2O5. With only 15% of the known phosphate extent tested in our leases.

And not including the 42% JV stake in 1,507 Mt offshore at Namibia.