Goldhunter,

agree with what you said and would like to add...Cliffs needs all thos strict conditions and concessions, not only because the don't have the capital to build, but because their Black Thor deposit has a very narrow window of profitability.

Without the hydro concession and the private road (no restrictions) their cushion against the risk to profitability is too thin and fluctuating commodity prices (ferrochrome) could pull the rug out from under their feet...periodically or permanently.

Any company, even the most arrogant and incompetent know that you don't invest a few billion dollars, without being guaranteed your profit margins within a certain range. I guess that statement excludes Cliffs Consolidated Thompson acquisition.

Anyway, it is my own assumption and opinion that Cliffs is pursueing this venture, faining intentions to still invest and develop, but their ulterior motive is to portray as much value as possible for the BT deposit, so as to command a better price when liquidating the asset. They are also waiting for an infrastructure announcement, which would automatically favor a rise in all ROF asset values.

As for BD, they shouldn't be conflicted...if they support the highest value then everyone benefits; doubly for them if they sell their 70% share of BD and see their shares in KWG rise consequently. Although, I am still in shock that business acumen did not prevail over their egos, in their decision not to mine BD first and not to support rail right from the start.

Good luck to all longs

Le Penseur