clarifying some points

Just clarifying some of the above statements.

Ansteel has constructed 1 steel plant said to be for Karara ore, not multiple "plants".
Currently the plant has started operating and is using Brazillian ore which is more expensive than what Karara'a will be.

Previous posters have also claimed the pellet plant is under construction- not true, construction hasn't started yet.

Ansteel has still not earned in to the project.
Final contribution and finance are 2 pre-requisites that need to be complied with first.

In this regard, previous comments by posters as to how much cash backing GBG has, such as 50% of KML, were incorrect because if Ansteel does not earn in, they will take their contributions from KML. GBG hasn't much of it's own in KML or otherwise, to progress things very far .

15 reps from CDB and Ansteel arrived in Perth yesterday and will be heading out to Karara on Friday to inspect the mine site and then onto POG.
Completion of the loan has been delayed from the expected schedule but this inspection is expected to be the final condition for finance approval.

The stockpiles in China are more than just buildup from the Olympic shutdown, fully operational steel mills are reducing production right now, well after the Olympics.

If growth in China can maintain 7-8% for longer than a year if the rest of the globe goes into recession, now looking likely, then I will truly believe in miracles. By the same token, Ansteel is not planning on closing down any time soon.

Points re. Ansteel offtake are valid and a good point that differentiates GBG, as long as finance etc. are achieved as planned. Mine life is also crucial to establishing a long relationship with Ansteel and Karara fits the bill.

EPA approval is without doubt now considering how crucial a project like this could be to the Australian economy in tough times.

So far, there is no evidence that suggests the project will not proceed, but considering the global crisis just starting to unfold (global recession), an element of risk has certainly crept in.
GBG's future should be determined this quarter though.