Starting point: 17% of CHM roughly equal to 80% of the current FNC share price; so absolutely everything else, which is a lot, is valued at 20% or about 5 cents. Not hard to figure out this is way under valued and even easier if you feel CHM is under valued as well.

Cliffs also just announced a 4 million share buy back programme. While small in relative terms, it is being done for much the same reason being discussed here.