Ann: Acquisition Scheme Booklet, page-17

Yep that's exactly the point. If the IO price stays at this level or continues to trend higher over the next couple of years, Karara should be in a position to pay off a big slab of debt (assuming they are able to produce magnetite at or near the Nameplate of 8MT p/annum).

I still find it very hard to believe the per tonne "all in expense costs" that they are supposedly telling us is. That aside, the iron ore boom is far from over. And when China has finally had enough of building major steel projects, I can see India taking up the slack....so the higher grad 65IO in my opinion will continue to be highly sought after for many years to come.

This is the reason why Ansteel has come out of the woodwork now - they see a huge future (at the expense of we poor GBG long term holders).
I have no idea how many shareholders are heavily invested in GBG (so many may not care so much about what happens in the Vote), but I'm a definite NO.