More Potash West shares traded today than in any MONTH since 2011. The accompanying 40% price rise means someone is excited about this WA phosphate/potash mine developer. Fresh interest after a company roadshow this week still leaves its share price 80% below where it was exactly four years ago. Without anything specific to lift the price, retention of today’s gains may prove difficult. The recent history of sector returns makes it tempting to quit after a 40% gain and a retracement to multi-year levels. Fresh replacement investors would be needed to withstand the pressure. This is a very common fate near the bottom of the cycle no matter what the company’s attributes. Appropriately funded, Potash West should produce good returns on capital with an agricultural sector bias and, consequently, without needing anything special from China or global growth outcomes to succeed. Another attribute is size. It has expanded its resource into a production base with multi-decade potential. The PortfolioDirect sector models have included Potash West since September 2015 as one of their selected Phase I stock exposures.