gbg with 35% of 9m tpa =3mtpa = $150mpa, page-8

Where are you getting information that they can run at full speed. As I read it - take until march to work out how to fix problem then possibly 9-12 months to implement fixes to get to nameplate. Considering it has cost GBG 12% of karara to find put what the problem was - I believe we would be lucky to have 25% by the time the fix is done (only a redesign, re-engineering and rebuild of filtering system plus possible wet tailings implementation). So nameplate to GBG will mean 2mtpa of magnetite and .5 of DSO, with no future growth in IO. Suggest you look at SP of other IO small miners (GBG very small). GRR may be a comparison, however they still have Southdown.