POZ does awesome phosphate deal, page-3

So with rock phosphate currently $115US/tonne fas(free along side), lets add $5/t for loading could be $10. So a $120us/t FOB.
http://www.indexmundi.com/commodities/?commodity=rock-phosphate
From the POZ ann
"POZ shall be entitled at its sole discretion to convert its Joint Venture interest to a Royalty of
2% of all future Joint Venture gross revenue based on the market free on board price for all
shipments of phosphate rock from an Australian Port."

POZ has stated in the recent past they were considering a 1-3mt/yr operation. The webpage say 3mt/yr. http://www.phosphateaustralia.com.a...itory-australia1.aspx?RID=388&RedirectCount=1
But if you add mmg and Indian Farmers Fertiliser Cooperative the opperation would only be limited by the pipeline capacity.

What is worth to POZ, 2% of revenue FOB
1mt/yr   = 120x 1million x 0.02 x(1/.75)= $3.2 mill/yr
3mt/yr  = 120 x 3million x 0.02 x (1/.75) =$9.6 mill/yr

A lot of free cash flow for a little company.   Sorry about typo/spelling my spell checker is broken.