Developing phosphate interests in the Georgina Basin, Queensland, Australia

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Message: Be patient

Yes but the reason Attara is selling has nothing to do with the company itself. That much said, the company does appear to be in dire straits, unless it can attract new capital to finance the development of the phosphate mine. Green Market Fertilizer Price DAP New Orleans Barge price has dropped from 650 ($/ton) last summer to 433 currently, which is not helpful. DAP price is a strong indicator of pricing for phosphate rock. LGDI should have been producing rock by now, but the company wasted time and money on the $800mm beneficiation plant scheme and drained its cash coffers dry. At least that is my take. Now they need someone to rescue the company or it will go bankrupt. That means we shareholders will probably get diluted, but I would rather hold a diluted share of a thriving company than an undiluted share of a bankrupt company!

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