might have a short run, page-24

Despite all the delays, i'm happy to see construction actually move along, and we are receiving all the instalments from Ansteel on time. So i agree with you Major, Ansteel is obviously kicking this along. In this market a strong JV partner is essential.

I'm not in this for the short term, however Ansteel wouldn't even consider taking over Karara or GBG until EPA approvals are done. I can deal with the short term pain, i'm just hoping EPA approvals are met within the timelines stated by GBG.

I would have also preferred GBG to raise their JV contribution through share issue, however our share price is a joke. Everyone was expecting this to be around high $2 to low $3 mark.

Ever considered that GBG further drilled Karara to show the long term potential of the mine? They are increasing there BFS by 50% initial production, so maybe CDB wants to see more robust returns before it departs with over $1.2 billion in a terrible financial climate. What better way than to show larger scale production and a SINGLE resource to underpin that? If GBG was really looking for cheap share price spikes then they would have also fast tracked Lodestone and Blue Hills. What better than to announce Karara, Lodestone, Blue Hills, and then the DSO all within 1 to 2 months of each other. These are all on hold, they are focusing on Karara and DSO, as these will provide the closest cash flows for GBG.

Compare GBG to MMX, AGO, FMG and MGX. They have all lost around the same as GBG. I'm shocked to see MGX as low as it is. Espicially considering its PE for 08/09. We all love GBG here, but you must look at the industry peers before we cry GBG is the only one getting shafted.