I'd expect the JV would be disolved and obviously any money...

I'd expect the JV would be disolved and obviously any money recoverable by the JV would be returned on an appropriate percentage basis, ie. Ansteel would get roughly 75% of whatever money they can recover from the JV.
Deposits on orders and costs to date etc. would be lost.

Not many fairy tales in business so GBG will not get to keep whatever KML has accumulated.

By the way, China's big stimulus package has been exposed as being a bit of a con with only $200b of the package said to be towards new projects. The balance had already been allocated well before the crisis had worsened.
I other words, it ain't much and the market wasn't impressed.