flyby,

$200M is quite a bit of money, but we are talking about a $2B 300km-RR, and most likely road as well for light transportation (mining supplies) and for reaching the local communities (a toll road funded entirely by the 2 governments?), hence a lot of aggregate will be needed to shore up the esker bed. Note that CLF has proposed to chip in $0.6B for the road, but it could switch this fund to participate in the RR construction. Plus $0.8B for the on-site upgrader if CLF decide to mine the DSO chromite at BD first. Just those 2 items from CLF would amount to $1.4B.

The value of the 32 aggregate permits alone is worth 6x to current KWG Mkt Cap...or SP = $0.30. Plus, of course, the value of the corridor, 30% BD chromite, potential sizable chromite deposit at Black Horse (BOL JV), potential JV with PRB and NOT for chromite, etc...

Let's start with $0.30 as a base for discussion.

goldhunter