When the boat comes in???, page-1751

IMO, the actual answer to your question (the "bear case" for GRR) looks something like this:

1. GRR's majority shareholder (Shagang Group) is also its biggest customer. It's easy to see how this could create a conflict of interest.
2. GRR is a single-mine operation (so not geographically diversified). There's been little-to-no progress on our other resource - Southdown - for the last ~5 years.
3. GRR's management don't respond to E-mails, and when they do, their replies are somewhat opaque.
4. GRR's management aren't fantastic at returning money to shareholders. See the dividend policy discussed above.