Ansteel is not a private enterprise - it is a Chinese State Owned Entity. They got into this with the goal of securing (at current production rate) 100 year supply of high grade magnetite.
The cost over runs and lack of performance have been a direct result of Chinese involvement - they don't care about the share price -I would go as far as saying they would prefer GBG to have a lower share price because it makes it easier for them to gobble up GBG. The information to shareholders has been so inadequate (and I am being generous there) - that they are presented with a fait accompli and are expected to just pass the resolution without so much as a wimper.
If the resolution is passed, as I see it they can take GBG lock stock and barrel.
Would our government then award the storing of nuclear waste in Australia to a foreign government which has a lot of waste to bury here in Australia? - doubt it
Ann: Independent Expert's Report, page-9
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