We should also take into consideration the quality of the rock so we're comparing apples to apples...so thats $/T/P2O5. (Less P2O5 = more money needed for beneficiation)

Total Legend JORC is about 392MT at about 15.7%. Thats JORC only so actual holdings could end up being a lot more (up to 4x or more who knows).

Current LGDI share price puts a value on its JORC rock holdings at somewhere under $2/T/P2O5.

Legend compared this with precedents at its last presentation. If anyone remembers the Vale ownership sale to Mosaic and the Chinese company (can't remember the name)....Mosaic purchased 35 percent of a mine project's total capital from Vale for almost $400 million earlier this year. It was in some ways similar to Legend...production had not started but was planned to start late 2010. The price paid valued the phosphate rock holdings at about $25/MT/P2O5 !!

Of course Vale is over 200 times the value of Legend so its share price I don't this was really impacted. And not sure about the details (access to transportation, facilities, etc) but it makes you wonder...Are we missing something or is everyone else?