Patersons have released a Fertiliser Book this week and it has MNB as their top phosphate pick
they retain their $1.20 valuation and 30c price target (0.25x NAV).
Note that this is just for Cacata DSO. Hopefully Kanzi scoping study will be released this quarter and they can update their valuation. If the numbers are as good as they say they are then Patersons valuation should increase to $3 plus. Taking 0.25x NAV, that would be a price target of 75c
assuming the BFS (x2) confirms the numbers and de risk the project, price target will probably move to 0.5x NAV or about $1.50
all in theory but they do state that funding is a key risk at present
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