Ansteel was able to extend and renegotiate the Karara loan...

Ansteel was able to extend and renegotiate the Karara loan agreements with their Chinese bank partners for a further US$200 m, with maturity in March 2019 and on terms consistent with the previously existing loans (25/5/16 announcement). GBG has never really been clear about how our 48% ownership of Karara relates to the repayment of the collective loans. This has been a major bugbear of mine.

That aside, my interpretation of the GBG shareholder's vote that declared any current assets off limits...has always been just that..."off limits".

Otherwise, why would Torrens Mining ever get into bed with GBG in the joint-venture long term program of the Mount Gunson Copper-Cobalt project. In my opinion if there was any risk of GBG's existing assets being usurped by the Chinese Banks if and when they chose to call in their debts, Torrens would never be party to such a Joint-Venture.

So, the way I read it, GBG has put their 48% Karara ownership in the bottom drawer "so to speak", and have put all their remaining eggs in the Mt Gunson project. Who knows, we may get lucky and find the biggest Cobalt resource and we may even get our money back one day.