RE:Started a PositionThere's a reason why the stock price is so low. Consider the following: Brazil had record crop production last year. That means farmers made a lot of money. This year is expected to be the second highest crop production year next only to last so farmers will be doing a lot of planting and thus fertilizer purchases. Further, the Real to USD is now over 4:1 meaning good crop export profits and fertilizer too expensive to import. Compare this to the projection of 3.25. You can't have it any better than that which means we should have record fertilizer sales and therefore prices. Yet Itafos got $137US/t for their SSP. This is even well below the lowest price of their sensitivity analysis $160 -$200US/t. Further, phosphate rock was trading over $100US/t earlier this year so what's the purpose of a half billion dollar plant if you can't get much more than that for your SSP? Their projected operating costs were $140US/t but I can't find an actual value for Q2 so it is likely much more. It's only the Conda plant which came from Agrium that's keeping the stock price this high and I don't think they should start on the Farim property until they can show they can make money on anything they do. IMO. Greg