GBG is NOT responsible for KML debt ,,,UNLESS KML Defoult on...

GBG is NOT responsible for KML debt ,,,UNLESS KML Defoult on that Debt .

KML is an independent entity holding the debt, tho GBG and Ansteel are the guarantors of that debt. (now at 38%/62% split)

If KML is Supported by Ansteel with the 200m spend on the Nameplate referb to 8m tons.
the debt increases for KML not for GBG, as Ansteel loans moneys to KML and not to GBG .

our 38% obligation to contribute to the $200m (gbg=$60m) spend is exchanged with ansteel for 13% .. leaving GBG with NO NEED for extra cash to pay for referb ..

GBG is Debt free with nearly 40m cash in bank ... and at 38% of KML as it stands .. 8m tons = 3mtpa net to gbg

we can afford to move down to 25% and still look good ..DEBT FREE with cash in bank ?? YES!!

I think we Have a great Partner in Ansteel ..
a Low Mcap for 2 to 3m tons pa net for 30years mine.

the question is Cost per Ton .. what Price does KML produce IO at ?? what is the margins at 8m tons .. then we can factor Profits pa for GBG .. weather it be 38% or 25% or 15% GBG will survive and thrive ..
we will know better once we reach 8m tons what our Costs per ton are and net profits can be calculated.

then KML will repay the loans to Ansteel from earnings.. not GBG.