Ok Mole, thanks for clearing up a couple of points. So, given...

Ok Mole, thanks for clearing up a couple of points.
So, given that in your estimation Karara has total debt of approx 1.9B, then GBG is responsible only for 47.84% of that debt (i.e. US$908million).

Therefore, using your "Total financing per tonne cost examples" ($12.00 + $16.00) - GBG's 47.84% component = US$13.40.
That reduces the total assumed cost per WMT down to around the US%82.25 mark (excluding depreciation)...which is exactly where the current IO spot price is at right now.

As you rightly suggested, the elephant in the room is why are we being ripped off by not being paid the correct amount of Mag premium. GBG shareholders should be demanding an explanation.