have a serious look at this, page-4

Do not take it from me, research the current directors background (I have) 2 of them have a merchant banking background (ever known a broke banker) they are number one at raising cash.

There is more to this than meets the eye, the big winner for this company is Sodium Sulphate, this is produced by an ionic exchange with Sodium Carbonate and Magnesium Sulphate, the numbers were not included in the report. By my calculations they should be able to generate 150,000 to 200,000 tons of Sodium Sulphate at a sale price of around $220 per ton (current av price) This would impact on the bottom line in a very big way.
They have bulk Magnesium Sulphate on site and would only need to buy Sodium Carbonate (Na2CO3)at around $65.23 per short ton.

REF : http://minerals.usgs.gov/minerals/pubs/commodity/soda_ash/somis0204.pdf

http://www.fmcchemicals.com/Content/CPG/Images/SodaAshStorageHandling.pdf

As you will see Argentina is a net exporter of Sodium Carbonate (Soda Ash)


The conversion process is very simple, it can be done at low temperatures thus keeping the conversion costs down.

Have a good read of the last few ASX announcements, the guts of the story is contained within. With a little research you can find out much more about the potential of Admiralty.