If Smith were wise he'd conclude Magpie, ASAP, before Cliffs concludes Spider and KWG.

For those who have shifted their position that FWR was enough for CLF to now FWR and JV's are enough, consider Cliffs POV. FNC may have the most dense chromite in the ROF. In addition, FNC has Magpie iron.

How much would Cliffs need to offer to succeed in an FNC hostile takeover? Naturally many of us would want $5 to $10 for Fancamp. At that price it could be a friendly deal. But let's face it. This is CLIFFS were talking about. They'll go hostile to save a few bucks. It would have to be above $2 or our group would never give enough votes.

I think Cliffs could get just enough votes at $3.00/share, that's less then 150mil for FNC. With it they get definite ROF Chromite. If it's as dense as Smith thinks it is, then Cliffs 1.5 billion investment will be undoubtedly world enviable. Nickel would be a bonus. And Magpie Iron would comoftably add to their current model. Hell, we want 150mil for Magpie alone. In addition the thousands of extra unproven FNC properties such a Beauce gold. So for $150 mil, CLF could steal FNC! Isn't that just double what they're offering SPQ or doule KWG. And they just have a percentage of the chromite.

Again, this reasoning is what I really encourage Smith to conclude Magpie, ASAP, before Cliffs concludes Spider and KWG. I wonder if Pat realizes this. He may control Magpie but not our votes.

Eitherway, the second and third quarter will be fun for FNC investors. Of course C-1 would be a game changer and negate all above, which is more reason, from CLIFF's POV to move now.

After writing this, I realize that I'm starting to think like Smith. Spend as little as you can it will all work out for you. I've fallen into the pit.

-sg