phosphate and the ferret

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    We may be heading for a fertiliser-led recovery.

    Readers will remember a few weeks ago when we highlighted the likes of MINEMAKERS (ASX:MAK) and BONAPARTE DIAMOND MINES (ASX:BON), which helpfully alerted the market to the fact that phosphate projects warranted increased attention as a result of the commodity cycle, given the industry benchmark Moroccan export price of phosphate had reportedly increased to $US350-$US400.

    "This is a leap from the $US200/t December 2007 price and is a multiple of the $US50/t of earlier in 2007," they said.

    Yesterday REWARD MINERALS (ASX:RWD) got in on the act, but this time alerting the market to the further substantial increases in international prices of potash fertiliser products, which are up 76 per cent on a year ago.

    "Such increases are significant to Reward Minerals in the context of accelerating the potash production of sulfate of potash from its Lake Disappointment resource," it said.

    Reward rose 15.5c to $1.52 and closed at $1.41.

    The profit-taking is understandable as some punters got in early, lifting the stock 25c on Monday and 11.5c on Tuesday.

    Bonaparte was 7.8c when the phosphate factor popped up, rose to 10c, but then slipped to as low as 6.8c earlier this week.

    Yesterday it rose 3c to 11c and touched 12c.

    Minemakers was $1.27.

    Yesterday it rose 20c to $2.43 and went as high as $2.61.

    Now that's a dynamic lift.

    Bonaparte's two-day surge attracted the attention of the ASX, which fired off a query this afternoon.

    Director Dennis Wilkins had no explanation.

    "However, the company feels that the investor interest is recognition of the true underlying value of the company's diamond projects and its recently added phosphate exploration project," he said.

    Mr Wilkins also noted an investor presentation released on March 28 ahead of managing director Michael Woodborne's roadshow to brokers and investors in the eastern states.

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