Thanks for that Phosphate King - it makes perfct sense. Am I way off believing that $7 is conservative bearing in mind the potential here. We have a possible $2-3 billion a year company with, last time I chcked around 178 million shares issued. That translates to over $11 a share (based on the lower figure). BHP Billiton's lowest p/e ratio over the past 5 years is about 7 with the average around 14. Therefore is the potential valuation of this company over the next couple of years more likely in the range $70-150

Or am I missing something?