still overvalued, page-16

No, Ansteel is providing 70% of the debt as part of the JV deal for Karara. GBG must come up with the remaining 30%. If GBG cannot obtain the 30% required Ansteel stated they will fund 100% of the project. But I assume if Ansteel fund 100% there may be some sort of clause or something, could be wrong.

It would be impossible for GBG to raise 1.8 billion (i think its 1.8) without Ansteel, as they have no revenue streams. Hence the JV.