look what leonardo f has to say in chile

NOTE BELOW I CAN'T USE LEONARDO'S LAST NAME BECAUSE HC SAYS ITS A PROFANITY SO TO GET THE POST THROUGH I HAVE SUBSTITUTED IT WITH AN F BUT IT SOUNDS LIKE MARKUS. EVERYONE SHOULD KNOW WHO LEONARDO IS ANYWAY IF YOU HOLD ADY SHARES.

I found the below searching ADY and Leonardo on google which has been translated into English by direct method so it reads kind of funny but you'll get the point. What do you all make of this? At first I thought it was old but then he mentions that shipments have left so it has to post date 16 AND 26 April 2007 when first and second shipments left for China. Looks to me like F wanted to sell his 50% and had some bidders but Admiralty got the extra 9% to the 1% to secure a majority. That doesn't mean though that someone is not still interested in buying the iron Ore arm does it? Out of those mentioned Teck Cominco looks like a real contender to me. I read an article in the Wall street Journal this week relating to an identified need for consolidation of Junior Miners in Aussie and predators from Canada and elsewhere looking at prospects. Teck Cominco made such statements in October last year and again more recently at a conference here in relation to Uranium and iron Ore. Why would you appoint a gold man (Clarke) for a job on iron ore as CEO? In the press release covering Clarke's appointment he has it says worked for Cominco (now Teck Cominco). I would be interested in any one else's view on this. Considering Teck's exisiting portfolio (including Zinc)Teck might have some interest in Bullman and Pyke as well. Considering the demerger one could be forgiven for thinking they are getting ready for a sell out of the Iron ore arm and the Aussie based assets. I could be wrong but ...READ THE BELOW and draw your own conclusions. I am not an advisor just a day trader with far too much time on my hands and an imagination to boot. The article below had a photo and picture title to it but for some reason wouldn't copy into HC post.

"The published news the 05/09/07

In order year
F sells mining assets to enter to power business

The industralist will eliminate the majority percentage of the miners Santa Barbara and Santa Fe into the hands of great international groups.


To dedicate itself to its power projects and of petroleum is what the industralist tries Leonardo F, when looking for majority partners for its iron miners Santa Barbara and Santa Fe, located in the region of Atacama. “As I am with six companies negotiating and each one is three days old to do its supply to me, to end of year would have to decide I with whom to associate to me”, announced.

Great mining companies are interested, like Minmetals; Teck Cominco; Sinosteel, and Itochu Corporation, Japanese company that already made a supply by the purchase of 20% of both miners by a sum “superior to eight numbers”, but that were rejected by F, “because they wanted a clause in that they would have the exclusive right to sell all minerals, but did not say to what price. Now they said to me that they are going to return with another supply”, explained the industralist.

Also it has received proposals of Comercials Metal Company (CMS) and some companies Indians. “I want to add value to him to all the properties that I have, to put money and to construct four new ports to them to get to produce ten million tons. Single I do not have the time, the technology nor the capacity. In order to have something so great I need to which it knows more than I and I help myself how to do it”, it assured F.

Meanwhile, in two years it has been dedicated in investing to harness both miners, who in April could embark first shipments from iron to China. Santa Barbara, joint venture with the Australian Admiralty Resources (the one who does few months it was with 50% of the miner, when buying 1% that it reduced in US$3,5 million), already takes six shipments with mineral of greater purity of the stipulated thing by contract.

Santa Fe (property 100% of F) will export 400 thousand tons of east iron year, number that will increase in 2008, fixed to a contract by ten years, with a price of US$42 by ton. In the first boat 42 thousand tons were loaded, reason why there were a US$1.764 sale million. Similar number was obtained in the second boat.

Only in investments for exploration of iron and petroleum (its personal project), F thinks that it has invested to US$20 million, amount that hopes to increase the next year. For example, in the south it has 20 thousand hectares in the zone of Mountain range of Nahuelbuta, where it tries to make the mining project Shandor, of which it tries to extract iron and to construct a port to export it, “but meanwhile they are only prospectos”, assured the industralist, who in addition denied the accusations of which the explorations are being made in territory mapuche."