The question is, if Ansteel do not make the final equity...

The question is, if Ansteel do not make the final equity payment, do they have the right to receive what they have paid already back? I don't think so, so why would they throw that away?

I think from a project perspective, by the time the plant is built and iron ore actually land in China, this whole credit fiasco would be water under the bridge. You'll be suprised how fast people will forget this, and greed will kick back in and the bounce will be harsh also once facts surface, china gdp, exports, iron ore prices, etc...etc...

GBG IO output is secured by Ansteel, so won't need to worry about finding a home for that stuff. Only thing that will impact is the IO price. But bear in mind, the original BFS did not factor in the 65% increase in IO prices this year.