I'm highly encouraged by the majority of the posts on this forum that we can get the "NO" vote across the line, remembering that we will of course have all the institutional investors that ADY has placed shares to on the "YES" side. I encourage every ADY holder no matter how small their holding is to go to investorvote and vote if they haven't already done so. I feel if management see the vote going pear shaped they may attempt either release more info to the market of the purchaser, or hopefully try and renegotiate a more favorable deal in the event of a no vote. Also, everyone should take note that the break free payment it not necessarily automatic on a "NO" vote, this may mean we can vote "NO" and the purchaser will negotiate a more agreeable deal for shareholders.
One final note I would like to make a comment on the profitability of the operation of Japonesa during the ADY's mining days. A few people on here have questioned how Icarus an run the mine at a profit when ADY couldn't turn one. Well perhaps we should look why ADY couldn't make a dime on the project? To start with, the mining contractor (Besalco) was deliberately mining the lowest grade ore they could find to maximize costs and prolong the contract Vallenar gave them. The Besalco contract was written when Farkus was in charge and was highly favorable to them (I.E no monthly performance target only a end of contract deliverable) because Farkus was an associate of Besalco. This resulted in full Administration / OPEX being paid, but hardly any ore being mined, hence why ADY sought legal action against them because the mine was being run into the ground.
Secondly, the equipment ADY was using to process the ore that was mined was insufficient to process the raw product being delivered by Besalco to their plant. Half the rock being mined was being stockpiled because it couldn't fit the crusher being used on site. No Profitable can run like that.
Finally Remember the spot price back when ADY was mining was significantly lower than the $160 per tonne it is now. Look at all of the influx of money going into mining acquisition's at the moment to gain a foothold in the sector. At $160 a tonne I find it highly unlikely even a manganite FE resource couldn't be mined profitably
I'm not try to spruik the deposit as world class, I'm just of the belief that the ore can be mined somewhat economically by the right people with the right equipment. I think Icarus can see that, or they wouldn't be having a tilt at VIC.
ADY Price at posting:
4.0¢ Sentiment: None Disclosure: Held
