Even with just the Caldera Port loading 4 HandyMax ships per...

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...