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Hawarani

1,656 Posts.

8

13/01/16

12:39

Post #: 16786222
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Originally posted by Baraka ↑

Because the take or pay rail contract and power purchase agreement will need to be paid regardless of if it operating or not. This is a massive plant stuck on the edge of the desert that would require a pretty large team to keep it in condition to restart one day. The Chinese have their nuts in a vice and arent happy. i think of of this sabre rattling by them is purely to get GBG out so they can take their shame out of the public arena.

This project would have to rank pretty highly in the " Top Ten worst foreign investments in Australia " in the past century. Claude De Bernales would be proud of it. the best case for GBG is they give their share to Ansteel in exchange for release from projects debt / contingent liabilities and they get reborn as a clean shell with $40m or so to start again.

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It would be a different scenario if the price of iron ore was higher, at some point the Chinese can only take some much of it.. have you ever been to the mine

GBG Price at posting: 0.9¢ Sentiment: None Disclosure: Not Held
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