Tim avoided the question, it made a loss. Not surprised given...

Tim avoided the question, it made a loss. Not surprised given they were trial, well some of it trial.

Also a lot of it was low grade 55% Fe ore. This would have been heavily discounted. What concerns me is maybe the DSO isn't viable at all?

Point is, this chewed into our working capital, hence the placement. I'm worried they still need more dollars. Tim clearly states that all 3 loans are drawed upon, which is our working capital.

Over promised, underdelivered. Simple as that.

To give you all an idea, GBG has raised more money via share issues over the last 4 years than its CURRENT MARKET CAP.

2007: $39 million @ 60 cents
November 2008 (THE HEIGHT OF THE GFC): $162 million @ 85 cents per share
May 2010: $206.4 million @ 93 cents.
July 2011: $209 million @ 67 cents.

THEN...........

December 2012: $62 million @ 25.5 cents.

That is $678.4 million raised since 2007 by GBG. Or to put it simply 45.53 cents per share... They would have been better off parking the money in the bank.

Wait... Theres MORE.

Ansteel also paid $210 million in extra 'JV contributions' that GBG did not match in order to join the JV.

Wow. Just wow.

Signed: Angry Shareholder.

Despite all this the expansion case margins are attractive. Just a question of the CAPEX required and how the HELL would they fund it.