rago,

you said:

"...I was going to Wuhan next month and I had a contact at WISCO"

Must be an interesting trip (to Wuhan, China) and that you have some contact with the 800 lb, make it 1000-lb, gorilla in the steel business. Guess who has some affiliation with WISCO after the sale of Consolidated Thompson? That brings up 2 entities in the RoF

- Baosteel;

- CLF/WISCO

I suspect that the people in the business would know that FNC provides a back door access to CHM and the iron ore resources (Magpie, 17.5%CHM and 1.5% NSR) for a tiny sum of $20 M - cash - 9M shares of RGX (and ignoring the rest of FNC holdings at RoF and elsewhere).

As I have threatened many times before, if I won the $50M jackpot (tonight is an opportunity) I would scoop up FNC myself and start shaking some tree and flip it for $100M +++ with some off-shore deep pockets who would not bother dealing with something less than $100M. There is a saying (no joke) going around that in some counties, say Japan as an example, if you want to move a piece of expensive merchandise doubling its price would bring in a lot of customers.

Failing that I would settle for a bidding war between Baosteel and CLF/WISCO for FNC and then CHM.

goldhunter