Took a look at the May 2014 Technical report; it seems CLF holds the former Spider portion of claims separately to the former FWR claims, which means (I think) it should be possible to buy just that 30% of B.D from CLF, which would give KWG exactly what they would have if the merger had gone as planned, 60% of B.D.

This is possible, doesn't mean it is likely, but you never know. Another party might be interested in B.T., or some percentage of that, and CLF might keep a percentage of both B.D and B.T., rather than dump all their ROF interests. That way they'd get some cash, and the capital cost of development might be borne by others. With a retained interest they would be in a good position to have some form of offtake agreement to supply the N.A. Market.

Idle speculation on my part, based on no rumours or anything.