"So if Cliffs wanted all of KWG why wouldn't they have made the bid long before this?"

Colossus seem to have blurred vision!

I think that Cliffs foolishly misread the whole situation, underestimating moreover KWG management, and the impetus of scottish stubborness!

We all recall when Cliffs took Spider over, announcing that they would mine Black Thor first, comfortable with a majority only in the Big Daddy claims, stating loud and firm that they had no interest anymore in KWG, and infering publicly that they could quickly drop their KWG shares on the market (+/- 18% at the time), they were absolutely sure that KWG would dry very fast and that they could pick the missing portion of Big Daddy from the left ashes...

Blatant misreading!

Cliffs was also sure that the easement was to be a fast-track rubber-stamp for their road plan, and probably tought as impossible that with the "agreement" they made with government at the time, tiny KWG would have the ability to obtain a favourable decision before a governmental administrative body (the Mining Commissioner).

Blatant misreading Number 2!

Did Cliffs now adjust their blurred vision? They may be a little puffed-up, but are they stupid? I think not, and we'll see them act soon I guess...

But I still ask this question: what would Noront do if Cliffs try to put a hand on Black Horse (if proven)?

GLTA.

PS: Bravo Frank!