after thjis deal GBG still owns 38% of KML and wipes 60m DEBT...

after thjis deal GBG still owns 38% of KML and wipes 60m DEBT off GBG books, thats good !!

if GBG ends up with only 25% of KML by 2015.
after Ansteel Pays 200m for the entire Name-plate capacity referb ..it takes another 13% ownership of KML leaving GBG with 25%

GBG will be Cashed up with 40m in bank and DEBT FREE .


that's no DEBT for GBG !!!
no cash needed by GBG to reach full capacity 8m tons !!

less worry for shareholders of GBG if KML ramps up over 8m tons 1 day.


GBG at 25% of KML = 2m tons pa x $30margin = $60m profit pa

GBG mcap at 7c = 100m ... = p/e is less than 2x

GBG GBG pay a dividend from 60m net cashflows ?

lets say 50% = 30m = 3.5c DIVIDENDS !!!! in 2016 ???

Ansteel with 36% of GBG get Divies too ??

so who is the loser .. buying GBG now at under 100m mcap ?