Bigscrot,

I'm not an expert either. I did do research into that back when I was considering Legend since I had the same concern. Industry standard used to be for rock to be 30% minimum p2o5 and 4% maximum iron & aluminum oxides.

Due to high demand, quality & rock grade has gone down to meet demand needs & keep up with price increase. That is where beneficiation comes in. This includes washing, thermal treatment, floating, and other ways. Looks like Legend will be doing wet & dry beneficiation. DSO will be shipped initially at a lower quality to IFFCO without beneficiation to get things going. Like the BMO report mentioned, even lower grade might work if IFFCO can mix with high grade rock from other sources. Afterwards, only beneficiated rock is sold. Of course this process is high cost, thats why at current prices we have a very narrow profit margin and I'm hoping for higher prices in the future. See this article:

www.springerlink.com/index/Q6612876070876W5.pdf

LGDI looks like they have a good amount of rock 24% p2o5+ & almost 6% iron/al. Other mines have even lower quality product. You can see the quality of all mined phosphate rock in the world in the survey by USGS (warning: extemely long!!!!):

http://geopubs.wr.usgs.gov/open-file/of02-156/OF02-156B.PDF