Aussie $ Impact, page-12

I think the view of the Board of GBG on KML is summed up in their valuation of GBG's ownership in KML as set out in the last Annual Report as zero/nil/zilch.

I don't think that will change in the next annual report.

I am still of the opinion that the current price of iron ore that KML is receiving still does not cover all the costs.

IMO when it gets to $US100 it may be breaking even or just making money.

But this is unlikely to happen as iron ore prices are set to drop soon.

Hopefully the proposed new venture will offer some hope for GBG shareholders.