Do your DD...This is the reality...The phosphate rock price has kept going down for years and no new project out of Africa has been able to come to life - simple reason: they extract from sedimentary sands with draglines that cost them about 30-40$USD/ton
Arianne is under water at 90-100$USD/ton to produce. High quality doesn't justify the investment either. Morocco is developing a purification process for cadmium and else
it will always be the economic that will drive those projects and it's not seeable for the next years ahead...
Go back and do your homework - I was once a believer when they released their studies and the prices were in the 180-200$USD/ton, but this won't happen again I think...