ok its great but what about the negatives, page-6

Operating costs arnt that bad. Steel mills pay a 10% premium to hemitite sale price, and it only costs at extra 15% to produce. As said above Karara is providing 80% of the ore for the plant in China.

Must remember that the steel mills need a long term supply of high quality ore. These type of hemitite deposits are depleted. BHP, RIO and FMGs grades are poor so the only alternative is magnetite. Karara will produce 68% to 69% grade ore with around 590mts of the stuff once benefication has occured!!

Iron ore demand will continue and other countries such as India and parts of Europe will develop needing lots of iron ore.

I think that steel mills will switch from using hemitite and mainly use magnetite in the future. Blasts furnaces don't last forever and I doubt they will replace their multi billion dollar furnaces for hemitite consumption when the ore is running out, and they are left with dirt grade ore that chokes their furnaces and becomes costly. Instead magnetite will be used, as the deposits are huge, long term and can handle a consistent supply. Look at Onesteel, they have converted to magnetite! Ansteel also use magnetite hence the JV.

Read the last presentation, the majority of iron ore now consumed is infact MAGNETITE! Or for an Australian example see CFE, they have sold their crappy magnetite mine for A$400 million - the costs to dig up CFE's project was a joke.

This stock is being played with. I'm in 50% losses but happy to hold. This will be the real deal and bring significant wealth back to the shareholders. A $360 million marketcap is a joke, we will have that in cash alone by October from Ansteel.

I'll continue to buy however im broke. Hence I buy GBG once a month when I get paid. The majority of my wages go into the company + a large loan. If GBG fails i'm screwed!