By end of the year ADY will have the following cash coming in.
~US$10M from conversion of oppies.
up to US$30M from IO sales of 1.2M t.
Because CMSB owes ADY US$15 from the their share of any positive cash flows generated from IO sales before CMSB can take any. Therefore ADY gets CMSB first $15M plus their own $15M share. I guess that between US$20M and US$30M of free cash flow will be generated by first 1.2Mt of IO sales this year given cheap production and stockpiles already built from previous work and expenditure.
US$40M should go most of the way to early Rincon development and the Equity component of total Capex (ie rest largely debt funded).
Cash flows and profits seem assured to keep rising in current market as IO sales comfortably rise to ~4.5Mt once new port is built 2009? (1.2Mt from Santa Fe JV through port Caleta and 3.6Mt through new port only 60km away) and Rincon gets cranking also 2009.
IMHO Patience will reward. Good luck.
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