I am recalling that one of the reasons for the proposed spinoff of all non-phosphate assets was to make Legend a "pure phosphate company". I would think that Wengfu doesn't need or want to deal with the multitudes of other Legend affiliated companies dealing with gold ,diamonds ,etc. Wengfu will wait until the spinoff is complete before they establish an equity position. We will probably find out more on the spinoff in the press release on the 23rd. This is probably the reason that Wengfu is not currently buying shares in the open market.

Also, if we don't start shipping some DSO rock to IFFCO soon, which is what IFFCO really wants and needs, I am thinking that after the spinoff IFFCO might sell some of their stock position in Legend in a private transaction to Wengfu. IFFCO needs rock in India to make fertilizer and fertilizer related products, which is what they do. They don't need to buy finished fertilizer products (as the Wengfu feasability study is leaning towards) from Legend. They make their own and will continue to do so. If phosphate prices don't rise, Legend will put off selling rock as long as possible and start building fertilizer plants. The plants as mentioned in the Wengfu feasability study will be initially fed with the high grade phosphate ore that IFFCO so desperately wants, but won't get until prices rise.

Let's see what happens in a few short weeks.