at these levels, i reckon you have to wait it out, even if it...

at these levels, i reckon you have to wait it out, even if it goes lower

i have an indirect ELM holding via OKJ but i was actually a buyer of ELM today (plus have another buy order lower down)

at 72 cents, the 30/6/12 EV (enterprise value) is $150m, i.e market cap less cash forecast at 30/6/12. looks cheap for 674mt of 31% indicated potash with pre-feasibility study

at 85 cents, market cap before cash is $200m

possibly 90mt is saleable as 100% KCI. trading at $2.22/t in terms of cost of production with 45 year mine life