It appears to me that the recent price movement only had to do with the recent filing of IFFCO buying all those shares. So this was nothing more than a momentum play by most traders. Phosphate rock prices are still hovering around $100/ton and Legend's production cost is roughly $80/ton. Fundamentally there was no reason for the recent move and we are seeing the slow sell off that is occuring.

I haven't sold a single share that I accumulated back when this was trading at .35 and I believe phosphate rock prices will be above $200/ton by mid summer of next year. This company is sitting on some amazing phosphate deposits, but prices are low which is reflected in the stock price, but since we have zero debt and with a nice amount of cash, we can afford to wait until the demand comes back for phosphate rock. The wild card is the diamond company that was acquired and the lands that Legend purchased next to their phosphate properties and I don't have a clue what that can be worth, but I figure it'll add some upside later on.

Of course I could be wrong and this run up may be to investors trying to front run a recovery in phosphate rock prices that will probably occur next year.