director appointment

That's a good appointment and indicator that good progress is being made.

Any negativity or doubts about GBG's future would prevent them from being able to attract someone of that calibre from the IO industry. IO experienced directors and managers would be in high demand currently.

It's a definite positive in my view but the market isn't interested in much! But then an appointment like that will prick the ears of fundies and instos I suppose.

Check those BFS figures and contemplate that at least 25-50% of the expected price increase for IO will go straight to the bottom line after tax figures. That could be even higher for GBG given the concentrated mag premium.

As a really rough guess that could mean, on 11mt mag and hem, somewhere around $200-$220m per year "extra" after tax cashflow for the Karara JV partners than what the BFS factored.