admiralty update ann, page-38

I'm not sure on all those costs but I expect shipping 3.5mtpa of iron ore would pay off all the loans rather quickly. The only missing link to that was the cape size port and now it looks like they have that too. The mou announcement for that will be significant indeed.

I'm unsure on just what the deal is with Shougang on the 40m loan. But I expect the mine is the collateral. Therefore, more mine means more collateral which means more loaned funds if wanted. PT said he would use the 40m loan if Cornell wants their remaining 7m. Its certainly not worth a placement.

And just what is the mine worth now? Mines generally have a different valuation formula when production commences. Have you seen the size of the ore stockpile being built up next to the benefaction plant? At this rate, there should be enough there to produce 3.5mt export ore when the new crushers are in. Simply a matter of crushing it and trucking it.

I disagree with all the ady doomsdayers and downrampers. I cant see anything upsetting the apple cart now on either the ADY or RLL side. ADY shares bloody cheap alright!