Valuation vs KCLWe should keep in mind that when Potash One was acquired by K+S, it had not yet been granted environmental approval from the Ministry and also didn't have an offtake agreement. These two distinctions hold a lot of value. Also accounting for 5 years of inflation and I would expect a valuation of wpx to be more in the range of $750m to $1.25bn. Also, just because KCL's Legacy project budget is $1bn over original estimates doesn't mean that the same will be true for WPX.