Even with just the Caldera Port loading 4 HandyMax ships per month, as they are doing now, ADY should make a good profit.
45,000ton x 4ships x 9mths x $75ton = $121m pa
After subtracting the production costs and JV: $40m ~ $50m pa.
On that basis alone ADY has a PE of 4 to 5
In October they expect to be also loading an extra 2m ton pa into Panamax ships at Candelaria. Thats another $50m profit pa.
Then there is the Rincon Salar Lithium production coming on line first half 2009. That should at least double ady's profits to say $200m pa.
$200m pa! Hey, that's the whole market cap being earned every year!
If I have forgotten anything or made any mistakes feel free to correct me.
cheers...
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