valuation 40$+ (based on my calcs), page-8

Sorry mate your logic is flawed.

Who cares if it's 3bn, production capacity is 2mtpa

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where is logic in your statement?

3-5bn ton of potash. This is why TRH is aiming for 50 years + mine life.

Project finance. I agree. But 40$ is coming from peer comparisons of explorer. Look at STB's broker report

http://www.southbouldermines.com.au/images/uploads/110217_ABID_Due_Diligence_Valuation.pdf

STB is valued fair bracket of 6-30$.

Do you think TRH's fair bracket is not 40$-50$ with immense resources?