Ann: Annual Report to shareholders, page-12

In answer to your question as to whether there will be an uplift in the GBG share price is NO, not until the sale price of the KML hematite has been at $AUD160+ for about say 10 years at least. By that time they may have reduced the $3.1b debt to a reasonable level. The only problem with that is that KML may not survive in the meantime.

Interestingly KML exports this FY have been running at levels of about 8.2m tonnes pa. Ships have been leaving Geraldton on average every 2.85 days bound for Qingdao China. But suddenly, there has been a drop in the rate. There are two ships planned to leave in the next coupe of days but then there are only 2 ships planned until 31 December, Ocean Trader 1 and Aquatic. Now this is not unusual and there may be more slotted in during the next couple of days. Hopefully. But if this happens it may point to a maintenance shutdown/breakdown.

We, the mushrooms, are usually not informed of such occurrences. There is no port shutdown for maintenance planned.

I will keep an eye on the shipping lists and advise.

GBG share price will only get a move on when the Mt Gunson mine gets off the ground.  BUT if KML went broke GBG would have some liabilities for rail contract etc which could wipe out GBG totally.