the issue surrounding GRR is not about the margin, production or cost, at even worse pellet price the company still can make healthy profit.
The real problem is the strategy, management credibility and particularly, their weird decision of JV on Property investment! it is quite a common sense that the market is in the cooling cycle, don't quite see any reason for such a decision, but definitely the benefit is not with shareholders.
Maybe they are selling the apartments to their Chinese buddy ??
Ann: GRR - Quarterly Report for 3 months ended 31 March 2018, page-11
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