Answers: They both (GBG and Ansteel) funded the deal originally...

Answers:
They both (GBG and Ansteel) funded the deal originally with $AUD1,149 billion split 50:50 with GBG and Ansteel. GBG raised their share from shareholders.

They then borrowed a total of $US2.564b which is still the debt we have from my understanding, since KML is still rolling over those $US400m, $US300m and $US200 loans. These have not been paid off.

Write down on value of asset doesn't reduce the debt.

8 million tones at $AUD100 equals $800m, not $8b.

I have analysed the last six quarters as follows: (Spreadsheet usually stuff up on HC so bear with me) - all from GBG quarterly activity reports:

	Column 1	Column 2	Column 3	Column 4	Column 5
1	Costs	Cost/t	tonnes	Total cost
2			1000t	$AUDm
3	Sep-16	$71.23	1891	$134.70
4	Dec-16	$75.71	2087	$158.01
5	Mar-17	$78.79	1994	$157.11
6	Jun-17	$68.50	2095	$143.51
7	Sep-17	$82.36	1830	$150.72
8	Dec-17	$70.85	2128	$150.77
9
10	Sales	Sales/t	tonnes	Total sales	Margin
11			1000t	$AUDm	$AUDm
12	Sep-16	$82.09	1842	$151.21	$16.51
13	Dec-16	$112.54	2101	$236.45	$78.44
14	Mar-17	$131.78	2066	$272.26	$115.15
15	Jun-17	$95.30	2093	$199.46	$55.96
16	Sep-17	$105.12	1851	$194.58	$43.86
17	Dec-17	$98.21	2095	$205.75	$54.98

But from margin you have to deduct the following:
excluding depreciation and amortisation, corporate administration, sale, royalties, ocean freight, interest and financing costs

So it can be seen that last calendar year 2017 our margin was $AUD269.95m. March 17 was a ripper of a quarter.

It is possible depending upon interest rates that KML actually made money last year - how much I am unable to say with any accuracy given the cloak of darkness which hides the KML accounts from the GBG shareholders.