Thanks for your post. Always good to hear from shareholders in Austrailia, someone closer to the business than most other posters here.

I spoke with Mordi Gutnick yesterday and forgot to mention I did ask him if the ongoing negotiations with the potential equity partners might be waiting on the approval of the plant going through from the Queensland gov. and Mt. Isa city counsel. He said they expect that to all go through with flying colors and no problems. They are fast tracking all the paperwork, so that doesn't appear to be a problem in holding up the equity negotiations currently. Mt. Isa will be happy to get the jobs to replace the loss of jobs from the copper mill. He told me Legend has all the Aussie government approvals to mine the phosphate now, so that's the big hurdle and what a potential equity partner wants to have in the bag.

IMO they are just doing some hard nosed negotiating with whoever they're talking to and it's taking more time than they expected. Legend wants to get their best deal and the Chinese/Indians are very tough negotiatiors, so that maybe who they are in talks with. I personally think this latest drop in the share price may have been a result of a possible failed negotiation and the market got wind of it . Mordi didn't confirm my suspicion, that's just my guess.

Anyway, like you say I think we just have to be more patient and hope for the best. I get the feeling that whatever is finalized Legend will come out o.k., they have a lot of sweat equity built into this thing and I don't see them letting go on the cheap.