He's basing his $3.25 a ton figure on what K&S paid for tons in the ground when they bought out Potash One. Assuming we are also bought out, I guess he's saying that would be a good figure to base our worth on. Personally, I find most of his calculations extremely moderate. Too many positive variables make our project worth many times $3.25 per ton in the ground, not the least of which is certain funding and much much lower capex and opex. Not even close IMHO.
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