No worries Rod, each to his own, punting however on RP price...

No worries Rod, each to his own, punting however on RP price hopefully is a bit more predictable than the horses. As to the upside, no I'm not in MaK for RP prices at US$127/t, I do however believe that RP prices will be back over US$200/t next year - have you worked out the upside on that figure as well? Call me a nutter but population growth, well documented changing world diets and falling availability of low impurity RP will ensure a bright future for whoever holds high grade RP deposits. Last year was not an aberration, it was a warning bell. The panic pricing of RP was overdone as is the panic reduction in RP use this year causing the overshoot to the lower end, the next move - you guessed it is an overshoot up again before we get a look at equilibrium.

Phosphorous is just one of those things - you can't live without it - dig it up or recycle it from sewerage. The first option is getting more expensive due to decreasing grades and rising impurities as the best stuff is already mined. We have a nice deposit of the best stuff and a geographical market advantage in our area. A reasonable punt I reckon.

Mak has majority control of BON, all it needs to sell itself to wider markets. 90% is a bonus but not necessary.