With regards to costs, I've taken a closer look at the debt...

With regards to costs, I've taken a closer look at the debt details and I'm seeing the following-

Annual report states:

page71
"In terms of a secured senior syndicated debt facility (Facility) signed by Karara Mining Limited (KML) on 6 August 2010" "The 12 year Facility is being provided by a syndicate of banks led by China Development Bank and Bank of China. Interest
is payable half yearly and the interest rate is variable, comprising of a fixed margin above the 6 month LIBOR with
sculptured half yearly principal repayments commencing May 2013."

page93
32. EVENTS SUBSEQUENT TO REPORTING DATE
In August 2012 the joint venture entity Karara Mining Ltd received a conditional term loan facility offer of $250 million USD
for the purpose of funding part of the Karara Iron Ore Project construction costs. The terms and conditions of this offer
including security arrangements, are substantially similar to the terms and conditions applying to the existing project
financing facility (refer Note 17).

The “Tranche 1” US$1.2B
The “Tranche 2” US$336M
The “Tranche 3" US$250M
= $1.8B

$1.8B into 12years is $75million per payment or $150mil p/a (not including interest). That means GBG $160mill half of profits doesnt leave a lot of spare change...

Also I'm going by the current 8mtpa at a rough profit of $40p/t ($360mill) / 2 for JV and hence the $160m approximation. Please correct me if im way off...