"right now it's being priced as a shell with 2.5c cash backing."...

"right now it's being priced as a shell with 2.5c cash backing."

I expect that is because GBG have valued the KML holding at zero. I dont understand how you can put billions into a mine that has a 100 year life and it to be worth zero.

There were some dark days about 12 mths ago where there was rumours of the entire thing being mothballed as Ansteel considered stopping the funding. These days things are still fairly gloomy but I think we may have turned a corner.

There is a bit of angst towards Ansteel and I have a feeling they are getting a very sweet cost price on the Magnetite but the reality is the mine would have been closed a long time ago without their funding.