The Potash ProblemNo doubt, partnering with Saccharum was a HUGE mistake. They may have given us some cash that they walked away from, but more importantly they used up our short window of opportunity when hot money was flowing and we could have possibly attracted a better partner. Having said that, the boys were in Toronto all last week in meetings, trying to attract a partner for the potash. The K's are the number one priority right now (as they should be) and they are beating the bushes with some urgency, knowing they need a partner fast. At the same time, they assure me they are only looking for partners that have cash already and will not consider anyone that has to go to the market. Going to the show in Vegas can't hurt either.
The way I see it, we're getting no value for the potash at all right now, so that side of the company is for free right now. We're even undervalued for San Roque alone, so throw in the other properties for free as well and we're a fantastic deal if the world stays afloat. We're not risk-free, but we're certainly enticing considering the potential upside. Keep in mind that San Roque is not early-stage grass roots; there's over 100 holes in the ground there.
As for the sympathy from other posters for those of us in the placement, I knew full well there was risk involved. Of course I bought into 'the story', but 'the story' still looks good to me. My warrants may expire unused, but I bought enough shares in the past week to make up for those and more. I've added risk, but am comfortable with it.
Don't hold a funeral just yet for MFM.