A smart investor I know thinks that potash is an increasingly attractive hard asset hedge against inflation in coming years. We've all heard of hedge funds buying up farm land in Argentina and Africa, this is the same theme. If inflation rates are higher when Passport goes into production, then that will mean oil and food prices are higher.

The higher the price of food, the more potash producers can charge for their product. And, the more the farming industry will demand potash to maximize crop yields. Remember, potash application is a relatively small cost of the overall farming operation.

My friend also points out that while potash is a commodity, it has some attributes of a specialty chemical. 1) no substitutions, 2) relatively low input cost to the user, yet an essential part of an essential industry.