That is the bad news...dalays, which is the biggest potential risk right now. The reward is the high potential with all the high stakes governments and other high stakes interests that are involved that is now getting more serious.

Another key take away from your last quote regarding the take-off agreement with IFFCO is the volume. Although extended, it is nearly double the supply volume assumed under the “Principles of Off-Take Agreement” for Rock Phosphate tat was signed by both arties back in late 2008. The '08 agreement assumed an off-take of about 3 million tonnes of concentrated rock phosphate per annum. This last release stated 5M tonnes per year.

Not sure if this was already increased previously in '09 but its the first time I noticed it. This is consistent with India's appetite for fertilizers (eg...IFFCO's S. American purchase from a couple or so months ago & the quotes)

We've also been hit by the stronger dollar recently and have lost on the currency side. But personally I think that will help us greatly w/ Australia $ having stronger growth potential in the future (see Bill Gross's "ring of fire"). Especially as more press comes out with downgrade warnings on the USD.