mak offer doesn't recognise benefit of 75%, page-23

Here's hoping indeed! You do yourself credit consistently makattack and I think those are fair responses. Not enough to convince me mind you but I think you present your opinions more sensible than what we typically see from even MAK themselves.

Re UCL/BON announcements. Nothing unexpected about most timing there. I would say pretty much right around when I was anticipating as an aware shareholder and also pretty much where MAK was expecting too hence the timing of their offer between BON's JORC and UCL's JORC. I give them full points for their cunning there.

Re Sandpiper operating costs. I assume in your comment re no-one with real underwater mining experience you are discounting Mike Woodbourne of BON (marine diamond mining expert) and Jan de Nul the leading Belgian dredging contractor that did the analysis and costings? It's not an underwater mining operation, it's a dredging operation. BIG difference. The nature of the resource at Sandpiper/Meob is uncompacted sediment - silt sitting on the sea bed. No digging, no mining, no cutting, just suck, filter and store on board for transport to shore.

The recovery is easy and is not where the questions lie. Nor do they lie in quantity. The issues to be answered are about the chemical reactivity of the phosphate product and the costs to get it to suitable concentration. Simple cycloning apparently gets it to around 28% grade so it won't take much to beneiciate to 30-35% grade but we await further news in that area plus results from testing by Coromandel, India's 2nd largest fertiliser company.