Why would they be looking for a new source of iron ore ? Ansteel, through Karara, now have control of a premium grade product for the next 100 yrs at current rate of production - and all for the grand sum of around 3.5 billion. They are now using up the little equity private investors in GBG have left - to develop a cobalt mine which they will add to the steel to improve the product. GBG will enter another partnership - fall short as the mine throws up unexpected problems and then the Chinese will offer to buy up the remaining equity in GBG. Same thing all over again.
GBG Price at posting:
2.7¢ Sentiment: Hold Disclosure: Held
