Hello Barbu,

I would say "Hummm..." too, but add a bit according to my crystal ball, as follows:

Eagle Nest was Sir Richard's baby. But he and his geo guru (Harvey?) believe that Eagle was just the trunk of and elephant which has the body burried deep in FNC C-1 corner due to a fault. He and his merry men are still chasing after that body of the elephant. Yup, it's Ni (and other PMG) that he's after.

Chromite? It's Frank's baby, and the "inferred resources" in term of size and grade are just good enough for Frank. Is it just a coincidence that KWG has 80% of the Chromite, BOL 20% and FNC the 2% (or so) royalty in the JV?

The box 80% full of Chromite is just fine since it would serve as a bargaining chip in any potential negotiation. In the end, we may end up getting the 30%BD, if CLF comes to its senses. Forget BT (save $800M for the on-site concentrator), keep BH in the back pocket and get BC property from PRB.

The real estate of PRB alone would help getting rid of the buffer zones between BC, BD and BT; providing on-site road access to the airport/accommodation area; road for getting the ore to the rail loop; dump site for waste rocks, low grade stuff for future processing, etc...

CLF has enough clever people for this kind of stuff. Bet that CLF would come very soon courting, offering gifts (share swap or some kind of JV). She's just too cute and attractive to leave unattached for too long, since there are other eligible and rich bachelors around).

Frank is just dressing her up a little for an upcoming dance.

Just my take.

goldhunter