tain unloading at the geraldton port, page-31

JP's have also jumped into a massive debt obligation with FMG over the same period which seems like an odd move. If they are bearish on iron ore then they must have very good security terms over the debt.

But if they are bullish on iron ore then something turned them off GBG as the equity would return much more than the debt if the project went swimmingly and iron ore recovered.