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I have a couple of Australian buddies. One tells me that it's some sort of black vegetable paste. I don't know about the leftover yeast thing, but either way it's pretty nasty.
Here's the funny thing: It's made by Kraft! At least Kraft is one of the bigger producers. My Autralian bussy sent me a link to the Kraft vegemite website. It had everything including a vegemite song (We love our veg-e-mite). Maybe the same as the link posted above, I didn't check.
SpaceAce
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