I don't where you went to accounting school moominoid but you are way off on your calculations! I think you missed a zero somewhere. First, with phosphate at $400/ton, producing 5 million tons/year at a cost of $50/ton leaves about $1.75 BILLION profit.

More important, Legend will NOT have to raise additional funds by doing any more private placements. They will get financing when they need it, with the help of our great partner IFFCO, with attractive terms. The payback on the loan will happen so quickly, that borrowing $700 million will not even be an issue. There is no way they would do a private placement to raise that kind of money as the the stock would be diluted to much.

Let's get to the p/e. For the sake of simplicity, let's use round ,very conservative numbers. If there were 300 million shares outstanding, and our profit was $1.5 billion, that would equate to $5/share in earnings. Take a very conservative p/e of 10, and take out your calculator and see what that come to. This company, once in production, will literally be printing money!