it is not what they would like us to beleive, page-6

I am certainly not an apologist for the company, but I am a realist. I am cynical of claims that are made whether they be by RDD or the extreme negative case. We have posters shouting for an extraordinary shareholder meeting - well do it, but no they just want to sit there and whinge and still hold - some with a short term sell position.

I still hold because I believe there is an upside at this price greater than I would get with other shares,it is still a gamble, as it always was.

As you say there is some confusion in the announcement over loans, and who knows if I got it right.

The 2.16% interest is repayment of the $60 million -"Gindalbie has now agreed not to exercise that purchase option, so that Ansteel will have the right to convert all or part of its A$60 million loan amount into KML equity. Under the agreed conversion rate, and assuming the entire A$60 million loan amount is converted, Ansteel will own 52.16% of KML with Gindalbie owning the remaining 47.84%."

As part of the agreement Ansteel agreed to provide bridging finance for the next 12month, whether they put "ALL" or not, it obviously will not be an open cheque book (what happens it it takes another 5 years - wait for the rumours). I expect there is a review clause instead of a finite number.

KML have received $84m, they called it an installment which as far as I am concerned it is the first that was required, nowhere have they said there would just be one or, they would all be the same amount etc. I believe they will recieve them as needed an unspecified amount.

The recent announcement "In light of the decision to temporarily reduce Concentrator throughput, KML is re-estimating its working capital requirements through to the end of the year, which will exceed the May 2013 forecast. Discussions are advanced with Karara’s Chinese banking partners regarding a suitable funding solution." does not say GBG have run out of money and does not say the Ansteel agreement has collapsed. It may just be a reference to "As part of the overall funding arrangement Ansteel will work with Gindalbie and KML to secure a new longer-term working capital facility for the Project from China Development Bank, the principal financier to the Karara Project." as previously announced, or they may be trying to renegotiate the arrangement.

As I said I am not an apologist, I can either sit here ringing my hands, and believe a heap of negative unsubstantiated posts, listen to blatant (up)rampers or read what is announced not trying to read negative or postive in between the lines shit.