As at 30 June 2018, Gindalbie has remaining shareholder guarantees totalling $226 million in relation bank guarantees provided to suppliers of KML.
Limited Recourse Guarantees’: As at 30 June 2018, Gindalbie has provided limited recourse guarantees to Ansteel, limited to the extent of Gindalbie's shareholding in KML in accordance with the Gindalbie shareholder vote in November 2015. The KML limited recourse guarantees, through to 30 June 2018, exceed USD3.1b. The KML limited recourse guarantees are secured over the shareholding Gindalbie holds in Karara. The Karara asset is recorded at a nil value in the accounts of Gindalbie and therefore these guarantees do not impact on the financial position of Gindalbie.
The limited recourse guarantee is only covered by the shares we hold in KML so they have no effect on GBG so the 3,1 billion means nothing to us !!!!!!!!!
OUR SHARES IN KML VALUED AT NIL
WE ARE COVERING THE 226 MILLION ONLY and that is reducing steadily
OUR SHARES IN KML VALUED AT NIL
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