They have paid $39million for 65 million GBG shares a while...

They have paid $39million for 65 million GBG shares a while back, and now have made the first $50million instalment.

Do you think Ansteel would have already thrown $89 million into GBG with no intention to develop the mine? If Karara doesn't go ahead this stock will tumble and burn, thus Ansteel basically lose $89 million unless another Chinese company decides to back...

UNLIKELY.