Q: hi,Andrew, I started to invest in MAK since early 2007 and have seen MAK’s SP from 19c to above $2.50.Currently I am among top 200 shareholders of MAK (+100k). Just regarding the topic about the lack of analytical coverage of fertilizer sectors in os,I would like to ask a question.Surely,before financial crisis,phosphate rock price was as high as 5 times as the current price.Is it the major reason that the local institutions or funds shifted their interest from this sector?
And,another question:will the hammered MAK SP (20c today) affect the schedule Wonarah project?

Asked By: kentlee7889
Asked On: 28/06/2010 EDT

A: Thank you very much for the question, and your observation is quite astute, with the significant increase in the underlying price to US$450 through late 2007 and 2008, and with Australia having the potential from the Georgina basin of providing phosphate product into the international market, there was a flurry of interest and activity from investors and brokers for the sector. However since the impact of the financial crisis and the pullback in rock phosphate pricing, which has lagged the pricing recovery seen in other commodities, has not had the recent investment focus from brokers or institutions.
Minemakers is encouraged that the pullback in pricing in rock phosphate did not return to the previous low historical levels prior to 2005 and as announced last week by the World Bank has remained steady at the US$125 pt level, basis Morocco FAS. The Company maintains its view that the requirements for fertilizer inputs could significantly increase in the future given the requirements to feed an expanding global population with decreasing arable land.
In terms of the scheduling for Wonarah development, the Company is currently working to have all the required permitting for production completed at the end of the third quarter and we are actively engaged in discussions with potential partners and customers to attain necessary finance and off-takes for Stage 1 development in 2011.
If we can assist with any further information on Minemakers and its activities please feel free to contact us at any time.

Regards

Dean Richardson on behalf of Mr. Andrew Drummond CEO & MD Minemakers Limited.