If I were CLF I would worry about something else...getting swallowed by a major. At a Mkt Cap of $1.19B (and with the assets they have around the world) CLF price (say at 50% premium, or even double) would be just too tempting. Instead of trying to buy the RoF chromite assets a major may consider buying the entire CLF, including the $350M in cash and cash equivalents (30% of the Mkt Cap).

Trying to get rid some of the cash ($200M) in a share buy back program could be part of CLF strategy to make the company less attractive to potential corporate raiders? But at the same time CLF would need to have enough cash around for keeping the lights on. What a dreadful (between a rock and another rock?) balancing act.

Just speculating.

goldhunter