ADY 15.4% 1.1¢ admiralty resources nl.

are we running a profit 2009

  1. 113 Posts.
    Heys guys

    I'll be stuffed if i can get sense out of these financials for 2008 to break down all costs for CSMB. i'm in the industry and still find the financials difficult to decipher without missing little hiddens in them.

    Trying to do a proper valuation on the iron ore business.

    i note a lot of posters are getting confused with types of iron ores out there. there are three main types of which magnetite is the ore we mine. normally the grades should be around 25%. i think of our two mines we have one running 9% the other 25% with an average of 15-18% they claim. a lot of grounding, energy and time is required to process this and crush it until the we get concentrated iron ore fines of which we sell. the concentrate level we achieve is 63.5%

    I figure from financials as stated. they processed 2 million tonnes and sold 244,000 tonnes of iron ore fines. at $80-$90 tonnes equals about the sales figures quoted. works out at 12% av grade not including trading stock movment.

    They now want to move to 3.9 millions tonnes a year. which means our income goes to about $43 million sales per annum.

    My problem. we had loss of $33million in that 2008 segment Chile CSMB based on sales of $24 million.

    needless to say we incurred foreign currency lossess and contract losses for failure to deliver. still $43 million sales verses what are the real costs abnormals subtracted.

    They must expand this mine or else. which includes new ore discoveries which are higher grades and easier to produce. Yes we have an advantages in shipping costs. but the port facilities hold us back.

    My analysis. WISCO joint venture must happen. if it doesn't ..... hmmmm. please expand on detailed costs if you can so i can do a proper valuation based on future maintainable earnings. eg real $ not possibilities.(note this is possibly premature thought until we get more info on detailed costs).


    i need detailed info on costs lads please send me.
    thanks. any responses are welcomed.

    AS always DYOR
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