bear market... where does gbg stand, page-6

Major, liked what you have said as usual. Two points to add if I may:

-GBG will clearly be a preferred supplier to Ansteel so somewhat sheltered in any significant slowdown in China (very unlikely)
-If divs were to be paid then you could speculate and go with 50% of EPS from say FY12 giving a potential 30c-60c income stream that would grow with production.