iron ore contract info!

This extract is from ADY 2004 annual report!

IRON ORE PROJECT – CHILE
We have investigated a number of iron ore prospects in Chile on the basis that we have strong demand from iron
ore buyers. The alluvial prospects in Chile are attractive as a near term cashflow proposition. Negotiations on the logistics required to enable delivery of the iron ore are progressing favourably. Iron ore currently sells for about $50-$60 per tonne CIF China depending on the specification. At contribution margins of A$8 - $12 per tonne, export of 1 million tonnes per annum would yield a cashflow of $10 million per annum. We are actively seeking reserves typically between 3 and 30 million tonnes.

Now look at this site below...seems the iron ore deal is just about done but the market will need clarification from the MD if this is what it is all about.

Extract from site dated 23/12/2004 (web site link below)
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Message 4

thanks for your mail ,Chaina is our core area of business, we have closed a deal of 2 mil mt per month for 12 months in chaina,

Our best price will be CIF $72.00

Payment term , Transferable L/C only
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http://www.vorras.net/transportation/?read=3892