its not what they would like us to beleive, page-11

I don't believe that a full replacement of the current GBG and KML board/ management is justified. While not included in announcements, we are seeing changes to key positions that you could speculate was due to performance so I believe that people are being held accountable for the performance concerns we have although I can't confirmed this. And we have seen payment to a contractor withheld due to contract non-compliance. I also hope that we haven't already paid the Moormaster supplier!

I just hope that once the moisture problem is fixed no other major issues are found with the plant. Unfortunately due to past performance I am not confident that this will be the case. I think we are too late in the process for a change in management to make much difference.

In the meantime, GBG needs Ansteel's support and hopefully they have enough credibility and potential for Ansteel to want to continue this arrangement although I noticed that they didn't jump in with more cash when more was required as a result of the moisture problem. They are also withholding $A30M from GBG until approval is given for Ansteel to increase its stake in Karara.