I asked him as well last year (re acquring Farkas interests) and...

I asked him as well last year (re acquring Farkas interests) and he told me that since ADY had 60% they had effective control of the board, but under the shareholder agreement and being a compania minera type company Wyndham has to make an offer to ADY equivalent to any offer he receives from elsewhere and visa versa. There is no complexity issue. Trouble for Wyndham is no decent iron ore miner is going to pay more than a peso for Wyndham's share so Farkas is Farkased now with an irate major shareholder and no buyer.

Also the 24th March was the day of the loan default repayment by Vallenar Iron Company, so assuming they ADY have perfected the mortgage and charge for the loan of $45m in Chile, Admiralty now owns 100% of Vallenar iron Company. Thomas was the architect of this and I hope they followed through.

ASX where are you - they should have made an announcement on this point - silent John???!!!

If you get 70% control in Chile you effectively have no rights as a small shareholder in a minera type co.

In my view the sale price is $5-10m because you then need to invest another $40m to get it going again, however they could get $40m in a sale if someone figures out how valuable the port is - my mate at a global engineering co in LatAm reckons this is the jewel in the crown, forget the iron ore.

Anyone know what the FOB 63.5% Fe low sulphur med Phos settlement price is??? for April. Will the Chinalco deal screw Rio's negotiating ability - $75.55 last year - I'm tipping $50.00

A guy in Singapore who works for DSW reckons Farkas isn't game to walk into any Indian restaurants in Chile just in case he gets some very hot curry. Apparently he curried them as well.

I called Anderson yesterday - he is in Chile again.

Linaker this is a more detailed explanation - your conclusions aren't correct.