Business Description:
Admiralty Resources NL (ADY) is a diversified mining company with mineral interests in Australia and Chile. Admiralty’s flagship project is the iron ore project located in Region Third of Chile.

Strategy Analysis:
ADY's strategy is to capitalise on iron ore prices by selling as close to the global benchmark price set by CVRD, iron ore on a FOB basis, from its Caleta Port in 2008 and offer Panamax and Cape size ships in 2009/2010 from Candelaria and Punta Alcalde ports. The company also plans to investigate the pellet feed markets to increase profitability two to three fold through higher yields per tonne mined and beneficiated. Large scale developments include a Port of Punts Alcalde near Huasco, a lithium and potash facility with the development of the Rincon Salar, Rio Grande and Cauchari processing facilities and expanding production at Santa Barbara to the 3.9 million tonnes per annum which is currently the amount specified in the environmental permit. ADY will continue to prove up the Bulman mineral leases (726 and 727) and commence exploration of two of four exploration license tenements to develop an economically feasible zinc open cut mine. Other strategic options may be identified for this resource as an alternative to fully developing the mine.