Good post GH, but I have to differ on a couple of points...

1. I no longer think that we will get an answer from 3P prior to the April 1st 2012 deadline. (only a remote chance of that now) For that reason, Cliffs cannot wait for the 3P approval prior to coming in with their offer. IMHO is why KWG is assertively moving forward on DDI...they have to be ready to spin as soon as the offer comes in. Cliffs will not allow the KWG share price to go very high (as we approach the deadline) otherwise it will cost them exponentially more...especially considering that their shares are now taking a s&%t-kicking ( tonight down 8% in after hours following todays 2nd quarter results) and our dollar growing stronger every day (that might change when they vote to increase the debt ceiling but we'll see). An early TO by Cliffs could be risky, if they have yet to strike a deal from transport on CCC's RR. Even "Monopoly" new very well, how important railroads are.

2. I also think that CCC has to be spun out, prior to the TO by Cliffs, in order to receive "flow-through" approval from Rev Can. Correct me if I am wrong but, it is my impression that only a Canadian company can receive that benefit from Rev Can...maybe not...any tax experts in the room?

I think the take-over will happen soon after the spin out of DDI and/or the approval of the rail operators licence and/or approval of flow-through for CCC...with ior without 3P approval. I wouldn't be surprised to see a counter offer soon thereafter from an outsider who is just waiting to see where the bidding starts. My money is on Xstarta or a large corp from China, for the Chromium and a couple of retirement funds wanting a large stake in the RR with flow-through benefits...I think Ont Teachers and OMERS might not be finished with purchases this year......

Someday someone will write a book about this time in Canada's mining history...maybe NN should write it...he could give us a real good retrospective insider's vue on why SPQ went for .19 and KWG went for $1.90 (theoretically speaking at this point...hahaha).

Good luck to all KWG longs

LP