Samson. No you are not. I think KML and the GBG board think we...

Samson.

No you are not.

I think KML and the GBG board think we are mushrooms.

But for many of us who have skin in the game (and quite a bit of blood and sweat), we are concerned that we have as much accurate information so we can get an idea whether KML is going to survive with the current shareholder mix (i.e. GBG approx. 48%).

Now we know that GBG have valued KML at zilch. But we are not provided any basis for the fat big zero.

They could say our debts are $US2b and our interest rate is 5% so our annual interest cost is $US100m.

They could also say that our all up cost of production including all overheads etc is $US95 per tonne.

At least that would explain the zilch value.

But now (and I don't know for how long) 62% Platts iron ore has broken through the $US90 then we might sense the KML price could be in the order of $US100 we may have one nostril above water while standing on our toes.

But if production cost is $US110 then we would understand the big zilch.

I am waiting for an explanation of $US83.05 for Dec quarter as it does not make sense to me based on the average Platts' 62% rate for the December quarter of $69.57 (my post of 1 Feb).

As Patrick Henry said:
"It is natural to man to indulge in the illusions of hope. We are apt to shut our eyes against a painful truth, and listen to the song of that siren till she transforms us into beasts. Is this the part of wise men, engaged in a great and arduous struggle for liberty? Are we disposed to be of the number of those who, having eyes, see not, and, having ears, hear not, the things which so nearly concern their temporal salvation? For my part, whatever anguish of spirit it may cost, I am willing to know the whole truth; to know the worst, and to provide for it."

It may be appropriate for the GBG Board to tell us the truth - no matter how bad - so we can plan for the future. GBG price would probably collapse.

Or are their bonuses based on share price.