Another possibility is we may see Ansteel take full control of...

Another possibility is we may see Ansteel take full control of KML/Karara if the regulators allow and Gindalbie morphs back into what it was before Karara (if it survives).

It's clear that Gindalbie can't pay it's debts itself anymore (and for a long time) unless it's using Chinese cash from Ansteel to do so. Each time the hand has gone out Ansteel has taken a bigger chunk. Given their investment already, I think the long term game for Ansteel might be to take full control when they think we have a bottom.