held back, page-28

Ansteel have no need to take GBG over at present. They have secured a guaranteed source of supply via the Karara JV to replace their own dwindling magnetite deposit in China to supply 80% of the feed to their nearly constructed new steel mill. (Remember, Ansteel are the largest iron ore producer in China and currently produce around 75mtpa.)Given that the costs of producing iron ore in China are around the current spot price ($200) and that current contract prices are around $120, you can understand why Ansteel are extremely happy with their JV with GBG.
It would be a total waste of time for anyone to bid for GBG right now as Ansteel would provide an extremely robust defence. They, in a way, are GBG's best asset!!