You're welcome no-idea2016. My main realisation here is that...

You're welcome no-idea2016. My main realisation here is that Verdant's IRR may be a little low however it has limited downside and plenty of potential to be a whole lot higher IMO. I think CRU's Phosrock price forecasts were probably quite conservative and then VRM discounted them by a further 10% so all our numbers are reasonably safe. It's great to be cautious and all, but it doesn't capture the market's attention. Despite that I'm just trying to make sense of VRM myself so don't base any investment decisions on what I write, I know you probably wouldn't anyway.