question, page-5

"GBG unfortunately will become a price taker, may not even be able to sell at BHP/RIO/Vale contract price (end up like Mt Gibson)."

Wrong.

GBG will sell at benchmark price + a small premium as outlined numerous times by GBG. Its part of the ENTIRE DEAL for the Karara JV.

BHP/RIO/Vale set the contract price so we "take" their price + the magnetite premium.

Major, magnetite has been produced during all phases of the economy, just not in Australia. Our product will always be the cheapest option for Ansteel.

I doubt GBG will ever be taken over. Ansteel will control to much given the new dilution proposal. Also I doubt any major would be interested given the flagship project is owned 50% by Ansteel. Don't know if the FIRB would allow GBG to be taken over by Ansteel, I assume it would have already happened if allowed. Hence JV's are a backdoor into Australia's resources.