Common use of Scoping Study Clause in Contracts

Scoping Study. On April 16, 2008 the Company released a phosphate rock preliminary scoping study on its phosphate projects in Queensland conducted by British Sulphur, a division of CRU International. British Sulphur, the leading business consultancy in the fertilizer and inorganic chemical sector for over 50 years, have prepared initial project capital and operating costs assuming sale prices for phosphate of US$100 per tonne fob, US$200 per tonne fob, US$300 per tonne fob and US$400 per tonne fob. In March 2008, sales of Moroccan product at US$400 per tonne fob Morocco have been recorded. The report sets out the following gross earnings estimates (US$ millions) for the project: Capital Cost(1) 826.6 826.6 826.6 826.6 Annual Revenue 2,000.0 1,000.0 1,500.0 500.0 Annual Costs 298.4 298.4 298.4 298.4 Annual Gross Earnings 1,701.7 701.7 1,201.7 201.7 (1) capital costs include a 15% contingency.

Scoping Study. On April 16, 2008 the Company released a phosphate rock preliminary scoping study on its phosphate projects in Queensland conducted by British Sulphur, a division of CRU International. British Sulphur, the leading business consultancy in the fertilizer and inorganic chemical sector for over 50 years, have prepared initial project capital and operating costs assuming sale prices for phosphate of US$100 per tonne fob, US$200 per tonne fob, US$300 per tonne fob and US$400 per tonne fob. In March 2008, sales of Moroccan product at US$400 per tonne fob Morocco have been recorded. The report sets out the following gross earnings estimates (US$ millions) for the project: Capital Cost(1) 826.6 826.6 826.6 826.6 Annual Revenue 2,000.0 1,000.0 1,500.0 500.0 Annual Costs 298.4 298.4 298.4 298.4 Annual Gross Earnings 1,701.7 701.7 1,201.7 201.7 (1) capital costs include a 15% contingency.201.7