Brazil SSP Production & DemandIn an earlier post I wrongly inferred Brazilian SSP imports were 75%. Whereas total fertilizer imports are at this level, phosphate fertilizers are around 55% and specifically SSP at 15%. This is based on 2013 data of 5.8 million tons SSP consumption and 870,000 tons of import (MBAC, ANDA sourced). It is interesting, however, to note that SSP is the most prevalent fertilizer used in Brazil and it would be in greatest demand in the area we are servicing as the soils are deficient P, Ca, and S and soya is the predominant crop which has a high requirement for P. According to Mr. Melcher, in the conference call, the average annual growth in fertilizer demand is 6.5% (ANDA data shows 7.3% in last year alone) and if we assume this averages across the board for all fertilizer types - including SSP - it means the annual increase in demand for SSP for the whole of the country is (5.8 million tons x 0.065) 377,000 tons. That is essentially the requirement of a new MBAC plant in Brazil every year just to keep up with increased demand. However, Mr. Melcher also said demand in the area MBAC serves is up over 15%. And with Vale's aggressive plans to expand phosphate fertilizer production in Brazil toned down due to the hit from low commodity, namely base metals, prices, there will be a need for producers like MBAC to fill the gap. Further, with a design capacity of 500,000 tons per annum, MBAC's facility is not too small for the majors to overlook - in addition to their other sources of phosphate rock. No doubt our true value will be realized on a partnership or take out by a major. Added another 60,000 shares at $0.085 yesterday in my TFSA. Remember Cdns. we allowed another $5500 in the TFSA's as of the beginning of this year. Greg