take over bid, page-9

To throw a bit more fuel on the fire, we know from published interviews (I cannot recall where I read this but I made a note at the time) that Rio is looking for "bolt-ons" in the potash sector.

So add Rio to your list of suitors. Seems like ELM management has managed to position itself once again to be in the box-seat "right time, right place".

The Opex in case we have forgotten is estimated at $120 or so a tonne, and we have a $25/t freight advantage to port plus a $40/t freight advantage to Brazil, all adding to our product value per tonne, flowing through to a big, big margin.

Plugging these numbers into your back of envelope calculation on 1.2mtpa should make shareholders very happy indeed. About the main point we need confirmed right now is the initial JORC to underpin a long mine life.