I have many issues with GRR's management  - the ridiculous foray...

I have many issues with GRR's management  - the ridiculous foray into residential property developer with a bizarre choice of partners at the top of a real estate bubble (yes, I expect a write down or loss on sale), the failure to progress with Southdown (my current expectation attaches zero value to this asset - I will be a very happy camper if I am proven wrong), concerns over the conflict of interest with the relationship with Shaguang and lack of transparency on some accounting issues.

I also recognise the potential for volatility in the price of iron ore, the size of the premium for our company's product, FX rates and the probability of rising costs in the future. 

All of which are, IMHO, issues that did not deter me from investing in a company that offered (at the time of last purchase) a dividend yield above 10%, net cash higher than its market cap and cash flows greater than the dividends being paid out. The share price has moved up since then but, at 26 cents, it is still one of the best value plays around.