Regarding the issue of what price per tonne Karara would be...

Regarding the issue of what price per tonne Karara would be selling their product.

In previous announcements GBG has confirmed that an Agreement was reached between GBG and Ansteel, that the Platts iron ore index is what they use as the strike price.
What we don't know though, is the premium that is placed for Magnetite over and above that strike price.
If i had to have a stab at it, we are probably selling the black stuff for a price around the $70's or $80's. That is at today's IO spot price of around $58 p/tonne.
Then add to that, the credit we'd be getting with the Aussie dollar being at 80c. The lower the $AU goes, the better.