Max, since you mentioned the cyclical nature of commodities, at the AGM I had a chat with Betty-Ann Heggie (former SVP at Potash Corp) and she was talking about the differences in the cyclicality of the NPK spectrum. As you know, NPK is the content of fertilizer, N being Nitrogen, P being Phosphorus and K being Potassium (Potash). She was saying that Nitrogen has the shortest time cycle for price volatility (6 months or so), Phosphorus a little less so (maybe a year or two) and potash has the longest cycle (around 5 years). So if we are currently at the bottom of the cycle (which appears to be the case, thanks in no small part to the Russian fiasco), then we should be well positioned in three to five years' time when we start producing Potash. Hopefully prices will have rebounded nicely by then and our earning will reflect this.

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