Hi,
As announced to the ASX, Shougang is conducting a due diligence on ADY and they have till the end of May to either provide us with a positive or a negative answer.
The Lithium Tender is taking place. As previously announced, invitations to tender for a 10% of the annual production for 10 years, agency agreement to represent Rincon in the Americas, in Asia and in Europe were sent in late 2007 and ADY shortlisted 13 companies who we have signed Confidentiality Agrements with.
The Lithium Tender is a much more lengthy process as it involves multiple parties, multiple options and in the case of the purchase of the 10% of the iron ore annual production, a pay upfront of approximately $40m, while the contract with Shougang is linked to the negotiations of the 50% of our remaining iron production and support in obtaining a loan of $40m.
Regards,
Phil Thomas
Executive Director
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