thanks for that bigphos it makes good sense

I hadn't accounted for the isue of new shares - that's true. However we are agreed that at your worst case scenario the shares should be worth $16.65. My somewhat sunnier estimate was based upon a 2 billion figure, if they sell at $450/ton (which is fairly conservative based upon the current price) Accepting fully your 300 million shares that would give $6.66 per share and on the 5 year low p/e for BHP Billiton of 7 times gives a share price of $46.62. If we apply the BHP p/e 5 year average of 14 that doubles to $93.42. The truth may be somewhere in the middle. Either way I agree with you and Phosphate King that this is a "no brainer". Be Happy everyone!