Ann: Full Year Statutory Accounts, page-2

As at 30 June 2017, Gindalbie has provided shareholder guarantees totalling $473 million in relation to term loans that have been provided to KML by various banks and bank guarantees provided to a supplier of KML. Gindalbie has accepted its proportionate share of the liability under the guarantees, which at the date of this report has not been triggered. Subsequent to year end, contingent liabilities relating to these guarantees have reduced further (refer note 25). Gindalbie has also provided parent company performance guarantees to a combined value of $20 million (2016- $20 million), in terms of KML contract for rail haulage facility and tailings management facility. 25. EVENTS SUBSEQUENT TO REPORTING DATE In August 2017, KML renewed the US$400 million Fixed Term Loan Facility with China Development Bank and Bank of China which was due for repayment in August 2017, for another 12 months to August 2018. However, Gindalbie did not provide consent to extend its shareholder guarantee over the renewal period and accordingly no longer provides any shareholder guarantee to Ansteel in respect of this loan. Consequently, Gindalbie no longer has a contingent liability with respect to this loan and this results in a material reduction to Gindalbie’s contingent liabilities since 30 June 2017

As I understand from this section of full year financials Gindalbie has reduced it guarantee to 47 % of the remaining 73,000,000 - seems once the remaining loan is refinanced Gindalbie may end up with zero guarantee over KML debt ????? which would be fantastic !!!!!! The last 73,000,000 has to be refinanced but not sure when ??????????