speculation in afr today re ansteel , page-6

A good summation Denial and I agree with your perspective.

That bigger slice will start with a JV in Lodestone probably.

Ansteel could tie up a majority position in all GBG's future ambitions connected with their current tenements that aren't under a third party JV already.
GBG might irritate the relationship if they take in another Chinese JV partner for Lodestone so it seems unlikely they'd want to do that. GBG/Ansteel/Lodestone down the track a bit.

Ansteel already gets the lions share of Karara through their 50% of KML profits and another 13-14% of GBG.

GJ's comments the other day demonstrate to me that the KML JV are sweating a little on Oakajee's timeline and your comments re GBG's higher EPS potential fit nicely into that.