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Focusing on the Dallol Potash Project in Ethiopia

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Message: Re: Citi - 2014 Basic materials Conference - 3 Dec 2014

Interesting comments by Stefan.... He comes off as non commital and didn't want to say they are going to committ. I believe they are pretty much doing their own BFS and also testing the large scale caverns to make sure the mining is efficient. As for commiting I wouldn't say either if you are looking to negotiate a better buy out price if that's the way they are headed...

I believe he did slip up some with his comments at 31:00-31:15.

Bottom line is I believe we will see some significant developments one way or the other in the first 6 months of the year.

The question is What the Chinese are looking at for the SOP?? With the MOP we are looking at 25% of Allana.... With the SOP I believe we are looking at 75% of resources and when you look at profitability in value...SOP blows the MOP out of the water!

Also note slides 58 (R&D in Ethiopia). Work is they will be adding potash to their fertility program. Could be upwards of 500,000 tpy imo. Also look at slide 67.

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