The Magindustries link that I provided made reference to...

The Magindustries link that I provided made reference to difficulties with funding their project......on a night like tonight re BHP capex cutbacks, I though a suttle post may be of interest - with the possibility that some investors may pick up on Magindustries difficulties in raising $1.1b for their project.

Also in posting on "fertiliser" in the Congo basin - maybe investors over here would be interested in my West Africa picks eg search my posts. (There you go, I admit it)

Maybe benchmark was the wrong word, and my motive not 100% pure....but anyway, you have opened the issue right.

In concluding though, one things for sure...I won't be investing in this one. re CAPEX story below.

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I have looked at the desktop NPV have on their project, and their CAPEX. This story from Bloomberg, may be subject to change.

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BLOOMBERG

Elemental to Raise $1.7 Billion Next Year to Mine Potash

By Firat Kayakiran - Feb 20, 2012 8:47 PM GMT+1000


Elemental Minerals Ltd. (ELM), owner of a potash project in the Republic of Congo, plans to raise about $1.7 billion next year to develop production by 2015, Chief Executive Officer Iain Macpherson said.

“There is an exciting but limited window of opportunity for potash producers like ourselves,” Macpherson said in an interview. “We are pushing full-steam ahead to achieving full production of 2 million tons per annum from 2015” through to 2017, when that output level is expected to be reached, he said.

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Go ahead for BHP's potash plan not expected in 2013

Major miner reports 'significant progress' at its Sask. site
Aug 22, 2012 5:21 AM - 0 comments


Mining giant BHP Billiton, in the midst of putting various other projects on hold, now doesn't expect to seek the final blessing from its board for its potash play in Saskatchewan anytime in fiscal 2013.

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"With 20 major projects currently in execution with a combined budget of US$22.8 billion, BHP Billiton is largely committed for the 2013 financial year," the company said. "No major project approvals are expected over this timeframe."



Billiton in June last year picked up its required environmental approvals from the Saskatchewan government for development of its potash project at Jansen, between Saskatoon and Yorkton.

The company in June last year also approved US$488 million in further investment in the Jansen project's feasibility study stage, and at that time expected "final approval to proceed with Jansen" would be sought from the BHP Billiton board "in the 2012 calendar year."

Bill Boyd, Saskatchewan's minister of the economy, was quoted last week as saying he expected Billiton to be "clarifying (its) investment decision" at Jansen, probably within "days, not weeks."

"Well advanced"

Right now at Jansen, two underground shafts to support the operation are "well advanced and will be fully excavated by the end of 2014," a company spokesman said in an email from Australia on Wednesday.

Billiton, he said, has also completed 25 km of "exploration drilling in the wider Saskatchewan basin" in 2012.

That said, Billiton's "existing pre-commitment funding" for the Jansen site is expected to allow the company to "further advance" there in 2013, as it works on final engineering design and mining lease conversions -- both of which are needed before the project can go to Billiton's board for approval.

"More generally, we are largely committed for the 2013 year and no major project approvals by the board are expected over the timeframe," the spokesman reiterated.

The news comes as one of Billiton's rivals, Vale, said last week it would be reconsidering its Kronau potash project southeast of Regina, and it "will not be implemented now."

Billiton, in Wednesday's year-end report, also booked US$314 million in costs tied directly to its thwarted 2010 takeover bid for Saskatoon-based PotashCorp.

That charge included $240 million in fees from its $45 billion debt facility, plus $74 million in lawyers' and accountants' fees and other charges.