We also have been in discussion with NMDC but we do not wish to give away 50% of the project for basically nothing. As you can see by the market reaction to MAK’s announcement that it was not well received. Not only is it a non-binding MoU, which generally means nothing, it is also dependant on feasibilities studies being completed and NMDC and MAK forming a JV agreement at some time in the future.

NMDC told us that they thought LGDI’s project was actually much better with far better infrastructure (as have all potential partners that we have spoken to). This is quite true and we are much further ahead than MAK in all our feasibility studies and available infrastructure. Having said all this the future market of phosphates is such that there would be enough room for both of us to sell product into our Australasian region if MAK do happen to develop their project, however LGDI will be a lower cost producer and will easily compete with MAK for a greater market share. MAK’s location and lack of water and power will be a significant disability for them, whereas LGDI already have these problems solved and at a cheaper capital and operating expense.

We are going to do a better deal with a more active participant in the fertilizer industry, one that will have more credibility and actually see the project developed and producing fertilizer products. We will not be doing a deal out of desperation as MAK seem to have done.

We are not concerned by the MAK/NMDC “deal” and neither should you be. We are still progressing with our potential strategic partners but we intend to announce something that will be material ie. a binding agreement that will provide actual value to our shareholders. I realise it is taking time but good things take time, I hope your patience will be rewarded soon.

By Craig Michael 6 months ago. They have officially thrown us under the bus!! They have broken many S.E.C. rules and regulations,so it looks like class action is going to be our responce,among other things we may handle ourselves.

Kind Regards,