One thing I forgot to mention. Phil is heading over to China again soon to formalise the heads of agreement for the supply of iron ore. As you probably already know, at this stage all we have is a heads of agreement. There will be a 3 year contract and another 7 year heads of agreement for a larger annual tonnage pending the new and bigger port facility being completed. This makes complete sense to me. There is no point signing contracts for the next 10 years if they cannot supply enough ore due to shipping restrictions. They are looking at a few different options currently regarding the construction of the port.
Apparently the ore that they have sent to their buyer in China is the best quality ore that they have received from anywhere which puts to rest the comments made from some that the quality of the ore that ADY have is not up to standard.
how did agm go, page-12
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