Previously, the 2012 Super Multi-voting shares resolution passed by the majority of the minority ballot. In this ballot, all shares held by insiders who voted at the meeting were excluded and 215.3 million shares were voted for the resolution while 28.5 million shares were voted against.

However, the ballot requiring the approval of two-thirds of all shares voted at the meeting failed when 233.2 million shares were cast in favour but 140.3 million shares were voted against.

------

Back then, "goldhunter11" provided the following great analysis;

- Management block: 233.2-215.3 = 17.9 M shares, assuming that any other votes from "insiders" are included in this block.

- CLF block:140.3 - 28.5 = 111.8 M

- Total votes cast: 233.2 + 140.3 = 373.5 M (373.5/673.9 OS = 55.4% of OS, i.e. 44.4% of the votes did not turn up)

Test 1 (simple majority):215.3 For/(215.3 For + 28.5 Against) = 215.3/243.8 = 88% (passed easily, excluding management and insiders)

Test 2 (2/3, including management and insiders): 233.2 For/373.5 = 62.4% (Failed), presumably the same lawyer came to Toronto to deliver the CLF 111.8 M NAY votes.

Post-mortem discussion:

62% is not good enough for the 2/3 test, but the difference is not that much 66.7-62 = 4.7% of 373.5 M = 17.5 M shares. If this block switched side to vote YEA then Test 2 would have been passed. Come to think about it, 17.7 M is not a large block of votes, considering 73 M shares form about 100 of small shareholders in our share count, recongizing also that some of the holders in this 73 M share block may have voted against the resolution.

-----

Regarding the current 2013 Super Multi-voting share resolution, Cliffs probably agreed with KWG, in advance, to vote for the resolution. They had nothing to loose.

If KWG wins easement, Cliffs no longer has a chromite monopoly through restrictive access agreements on and limited ore capacity of their proposed private industrial road.

Cliffs would be forced into plan B; try talking KWG into the road proposal with a carrot instead of a stick. Allow KWG to solicit financing of a rail or road, partly through Super Shares and 3P, exchanging partial amounts of future deposit revenues on BT/BD and negotiate favourable ore transport rates with James Bay Port Authority. (Without it's nickel, Noront would not risk driving down Cliffs all-weather road playing chromite chicken in advance of the easement decision and would have already signed JV's to develop BB/BH with KWG/Bold.)