interesting to note, page-3

The future, good question!

The answer is SOUTHDOWN (in simple terms, so you say it will cost $3.516+ including the pallet plant..

GRR owns 70% of the southdown project in a JV, so the CAPEX associated with GRR is $2.46b (for 7mpta share of project).

One would suspect that a Debt/Equity prospect would be in line for this project, and a 70/30 ratio seems logical, so $738m give or take is required by GRR in cash to get this project going (without further diluting shares holder base, or giving away anymore of the project).

Theres one place we could use the funds for?

Iron Ore prices; Long term forecasts for 58-62% Fe are about $100-$120/t, here GRR will be throwing out 69% Fe pallets and 67% Fe concentrate which are currently over $200, and usually about $50 give or take more than the lower grade iron (58-62) So with Operating costs at $60 and $75 respectively for the concentrate and pallets, the margin is still HUGE.

Financing has been flagged to be complete by mid 2012, so holding a strong cash base wouldn't be a bad idea.

Another thing that GRR could do is pay a Special Dividend this year from the extra ordinary payout they go from BSL, but you'd think holding it would be more beneficial than paying it out.

Savage River; potential ramp up to happen there, more than that already flagged.

Once Southdown is in operation, we might see some sustained profits that are alot bigger than the ones currently.

And one last thing, GRR is CASH FLOW positive, at this point, there are countless Iron Ore companies with projects of this scale a couple bigger, a lot more smaller, and they're trading at prices that make a mockery of the GRR market cap when you consider they aren't making any money TODAY, GRR is, they dont have a cornerstone investor, GRR does, they aren't in the ASX300, GRR is.

I believe once out full year report and profits are announced we will see a hell of a lot more interest in GRR.

The market said it was worth 90c at the start of the year, so who you going to believe?, the market will say its worth a something else in a few months too. The market should make up its mind..

Find value, take advantage of it..

Also Multi, GMX? are you sure you got the right code, because if so, you have directed me to a company with a market cap of $10m (Hardly comparable with GRR in any way shape or form), and its got about $2m in the bank (hardly 'cash loaded')