it is not what they would like us to beleive, page-26

Can't argue about the no of shares and ownership of project, but you are not including some significant facts. Their ore is poor grade and quality, about 56%Fe and has about 7% Silica, so they get a fairly large discount to the IO price, I would think between 10 and 15% (don't quote me) whereas GBG will be getting a premium of 15-20% (if we get to that elusive 68% and low silica), that is a huge difference. They will also have to build a railway if they are to get much bigger, and despite all the stories that are coming out I don't see them being able to do it with that kind of resource.