twincreeks,yes that's a good question you raise...usually the sp...

twincreeks,

yes that's a good question you raise...

usually the sp would show what is expected of the company in production, well before it actually gets there... and with MAK it will all have to do with them telling us how the CAPEX will be funded, and then seeing wot is happening to the phosphate price... once these are ''known'', then the number-cruching can be done, which will give indications of what the sp should look like from a producing mine...

i think that there will be a massive rise before production, in line with the above, but then it will be rated as a normal profit-making company... ie; on the financial figures as such... so in general it would probably subside after the initial hype... going from there however, if they did get Sandpiper up for 2011, and the cost and price metrics of that project looked comfortable (eg; $US200/tonne phosphate price, $US75/tonne cost, $US120M Capex funding producing no further share dilution) then the sp would again rise surely and steadily to reflect the extra that would be expected from production of its next mine...

from there it would be a mystery... MAK's other projects do not have the potential to deliver the level of returns that the phosphate projects can... but once markets are back to some level of normality, they could off-load the tin/tungsten, iron-ore, fluorspar, uranium projects into newly listed companies - giving 25% as in-specie distribution to existing holders; keeping 25% for MAK; raising loads of cash (up to $10M for each co.) with offering the other 50% to the public, but giving MAK holders first priority....

It is this type of extra hidden value which i do believe in, but the overall timing is very important with this.... ie; if they get to producing Sandpiper in 2011, and the sp has kept rising from 2009 - once all DSO production details are known... then let's say that general commodities prices are at 70 to 80% of 2008 peak again by end 2011, and they decide to offload those other projects into listed companies.... it is after that point, that i would want to bail out....

i saw - i think it was - Giralia - offloading spin-off companies with what seemed to be decent exploration projects, however unlikely to get into production at any time soon... think it was for Uranium and iron-ore... and they all seemed to go off... granted, it was done in a bull-market... but lets face it, as long as we are not in a bear market (as we are today), every share seems to have its day.... and the other projects that MAK carries, will have negligable value to MAK once it gets its phosphate production going, but i think they can all stand-up as individual companies, and do quite well... as they all simply need a couple of years work to get to a pre-feas or BFS or post-BFS stage... only the uranium project is really exploration... the tin is there, the iron-ore is there, the fluorspar is there...