KWG wil take it or leave it. Holding a 15% non-operative share or a 33% (or 49% for that matter) is about the same when we are so remote to production.

Holding the 15% tight and let the Operator spend the money is probably the best choice, as Frank points out in the NR. (Also, I think that if further dilution arises, KWG share would then automaticcally be exchanged for a NSR, but there are so many documents out there it is hard to get the true picture...)

I expect something important to come before the expiry of the 45 days and the closing of this deal. All that we see and hear all around since a few months has a flair of pre-arranged scenario... Like when we can feel the rain coming on a sudden switch of wind to the east, or if martins are flying low in the morning...

IMO, be prepared for some friendly arrangement to be released in a near future involving Cliffs and KWG. N ote that 'Friendly' does not necessary mean 'complaisant' when Frank Smeenk is sitting at a negociation table!!! But I am not expecting a very very big price for our shares (post-DDI) but I am confident we'll get fair treatment at the end...

GLTA.

BaBe.