new announcement .. funding proposal, page-108

Because GBG is "selling" shares in KML to Ansteel on the basis of each Instalment being paid into KML bank account.

Ansteel will not own 50% of KML until they make the final instalment of $143m and that GBG's equity contribution is made. Ansteel MUST secure GBG's finance for the equity component, this is part of the deal.

Ansteel depositing the money into KML does not satisfy the final conditions of the deal as GBG's equity component is still outstanding. Thus they would not be entitled to the 50% of KML because they have not arranged GBG's 143m finance. Hence fronting up $143m cash does nothing to there holding in KML, hence a dumb move.

This make sense?

If you properly read the announcement you will see that the money is in Australia awaiting the final decision.

I'm sure the independent expert report will take the rebounding resources into consideration. Our current shareprice of a mere 41.5cents is not a true reflection of current market conditions. Hopefully we find out tonight or before open tomorrow.

I really don't think the FIRB will allow China to "steal" GBG's worldclass resources for pennies.