buyers building, page-16

Hi Brett
Sorry about time lag for response. Bongo put together what looks to be a fairly accurate assessment of the situation. Personally I think short term, with funding announcement at the lower end 5-7 cents, announcement of funding up to the 20 mill 7-10 cents. Announcement of funding with j.v for port construction 10+. There are a lot of variables but ady ran to 5 in jan on rumours it would get 100% ownership. Now the market is a little more cautious and ady is at 1.8. I will have to look up the benchmark prices for I/0 but it is down 33% on last year, the one thing going in ady's favour is a relatively cheap cost per tonne of production. With the remaining 6 mines not having a measured or indicated value, if they come in with a decent resource I think you may see closer to 70cps over the longer term but that is a big IF. Short term, depending on positive announcements this will run quite hard. Hope this helps and I will endeavour to find out current cost of io to get a more accurate figure for you. Once funding is sorted you will see a rerating of ady imho.
Happy sailing
PGamble