RWD Peer Analysis, page-40

If you were to invest in the Aussie potash space and all projects had roughly the same opex and capex what is the next thing you look for also I doubt these smaller shows that are touting 100 / 150 ktpa will be anywhere near the opex figures of a 300 - 400 ktpa operation. That said their initial capex would be a lot lower. Personally I would rather see RWD start at the smallest size possible and then ramp up using cash flow and debt. No need to go all out and dilute the shizen house out of the registry unless of course you get a good partner and price.