MarlboroD,

Since CLF was falling off the cliff today (no pun intended, lol). The Mkt Cap at the close was less than $1B (it was ~$0.85B early in the morning). At this price, if KWG has enough support from a deep pocket it can just take a run at CLF to take over the entire company, or at least a run at the international wing. There are some liabilities, especially on the Quebec side, but the deep pocket should be able to pony up say $1.5B (over a 50% premium) for the entire CLF.

Or, wait for CLF to file for bankrupcy protection for its Canadian subsidiary and take it from there.

As I see it, if BH JV is settled by the end of this month, KWG would have enough chromite (77M tonnes a@ 35.1%, even larger than BT) to develop its own mine. If they want to get the rest of the chromite assets BL, BT, BC, BD in the area (perhaps BB as well) then it would be just for consolidation (and monopoly) purposes. As an option, KWG may want to pay CLF for the ~100M shares (small sum) just to sever this link.

Another option would be to buy off the 70% BD (40M tonnes total) from CLF, plus perhaps another 10M tonnes from BC next door (JV with PRB?) instead of BH.

Bet that Frank has all kinds of ideas in his head.

goldhunter