Certainly, the fact that nearly 2m have traded in the first hour, several times recently, might raise an eyebrow.

Let it keep happening for another 30 trading days, and we're starting to talk relevant numbers.

Possibly Cliffs positioning themselves. On a positive note, I think at one point in the fall I was worried that a quick take-out of KWG might be possible for as low as 18 cents. Now that we've made it this far, and with railway plans coming closer to official commencement, I'd say that Cliffs would have to pay 25 cents for the high end.

Maybe they are accumulating through several other entities, all remaining under the 10% mark, with the understanding that they'll announce a buyout offer for 16-18 cents. Those institutions all unload for that amount, and take a quick 60% profit for a half-year program. Then, Cliffs has so many shares that they can up the final offer to 25 to sway the holdouts. But because they bought lots at 10 cents and 16-18, paying 25 for the high end isn't that expensive and their average price per share overall for the company stays down in the mid teens.

I'm not sure if that's entirely legal, although that's the way I would do it if I had well-paid and competent lawyers to make sure that the crap didn't hit the fan.

Who knows? Maybe Cliffs will develop BT instead of BD, just to be vindictive, and all KWG will have would be the railway, and no share of the chromite being mined. That doesn't make any economic sense though.

You know, it's been years since I've held a stock like this where I felt completely comfortable and wasn't worried about day-to-day pricing. Eventually, good things will happen. If it takes another six months or a year, I can wait very easily.