GM,

Goncalves was quoted: "Among the assets up for sale are Cliffs’ chromite concessions in the Ring of Fire. While Mr. Goncalves doubts they will be sold anytime soon, he does not mind holding onto the assets as Cliffs has no liabilities associated with them."

- He's is being honest to put a label "zero hope" on the sale of the RoF chromite asset. CLF has a $254M writedown which is essentially the acquisition cost of the chromite assets (ignoring other amount that CLF has spent on the project, e.g. development of BT, etc). So he's saying the value of the chromite asset is ZERO.

- But, he seems to send some kind of signal (the underlined part) that he would not mind keeping it there since there is no liabilities. Perhaps, he has in mind some kind of JV with KWG? For example, give all assets to KWG with something in return, NSR, or just keeping the 10% stake in KWG. My take is that if Frank can come up with a major to fund the chromite project, then CLF would go for this JV. And this would propel KWG sp upward.

- BT would do, since this is at an advance stage, ready for an EA submission. Next in line is BD (plus BC), since these are the best deposits, high grades (require no $0.8B upgrader, like BT), on high grounds, hence would be much cheaper to develop. Or, it could be BD +BC first (have another JV with PRB since PRB has its heart on Borden Gold).

- This line of thinking seems to indicate that BH option with BLD and FNC may be put in the back burner for now?

Just my speculation...One day to go to hear something from Frank.

goldhunter