Emotional Traders, page-5

Fezza,

The second public consultation has occurred. We now await the deliberations of two state and the federal Spanish governments.

On one hand, they want the development, jobs and a local potash source. On the other, there are environmental concerns, particularly as this approval is merely the first stage of a large scale operation. HFR has identified very substantial potash deposits and will want to expand. Decisions made now have large and enduring implications.

I don't expect answers before Christmas. I do expect them to be positive.

GLTAH

Ash