Lets not forget whats going on outside of Legend in the phosphate/fertilizer industry. Just from the last few days/ weeks:

....The fertilizer buying frenzy goes on: Mosaic reported recently. The $ 22 Billion majority stake in Mosaic by Cagrill is on track and set to finalize later this year.

...China still hungry for fertilizer: Chinese company Evergreen Industries Group announced a few days ago it will purchase Magindustry (fertilizer miner) for $115 Million. They will purchase all shares at 40% premium.

...China still hungrier for fertilizer: This year China imposed a super tax (110% export duty) on all DAP phosphate exports. The Ministry of Commerce set an export maximum quota of 1.5 MT of rock. Remember that China produces 35% of the entire world supply of phosphate rock! Also remember what happened to prices when China imposed 170% duty on phosphate rock in early 2008. Now think what happened to rare earth metals when China set limits on exports last year.

...World phosphate supply disruption: About 30%+/- of all the world phosphate supply comes from Northern Africa including Tunisia, Egypt, Morocco, Jordan. Do those countries sound familiar? While all the reporters write about oil disruption, the civil wars & revolutions have caused supply disruptions in phosphate.

...India subsidising phosphate demand: Today the India Times paper announced that India is set to pass a bill for a huge increase in phosphate subsidies. Remember that India is the world's second largest importer of phosphate AND India (unlinke China) has no phosphate supplies. (quick economics lesson: higher subsidy = higher demand = higher prices = higher subsidy = higher demand = higher prices = higher subsidy = etc...and so on). http://economictimes.indiatimes.com/news/economy/finance/fertiliser-subsidy-bill-set-to-shoot-up-by-rs-8000-cr/articleshow/8052710.cms

...Mosaic reported VERY strong growth recently: Profits more than doubled over last year. "Gross margin jumped to 38.5% from 27.5%" They attributed it to phosphate (potash was much weaker). "Phosphate sales jumped 50%, while the average selling price increased 62%. Potash sales grew 3.8%, while prices were up 0.6%."

....Commodities break all time highs in last few months: Gold, Silver, Cotton, Copper, Commodities Indecies, turkey, beef, soybeans. Others are close: wheat, corn, sugar very close to all time highs set I think in 2008. I think its only a matter of time before phosphate beats its 07-08 all time high. ( this last one is just my opinion )

This is big news coming from all directions. I could go on but I'm tired of typing.