"KWG offers a higher potential rate of return in the short term"
I disagree.
Do you mean share price wise or are you referring to profitability of the companies?
If sp then it May be possible as you say.

Profitability wise Noront is much better. This is due to the richness of the nickel ore.
Chromite on the other hand, be it from any of the companies in the Ring, has about 50% profit on investment and it is spread out over many decades, so in any one year there is not as many $s coming in.

Where the chromite looks great is in the size of the resource in relation to the market potential, hence operation for many decades. You just can not deliver enough of the metal to the market in any one year otherwise the price would go down.
The short answer is that the resource is larger than the market could bear. Because of that many investors think that to be great, and could drive their sp higher. I do not see it quite so well. Investors should place their money first and foremost on greatest profitability and if possible in shortest time.

My thinking is along profitability per dollar spent to operate and obtain. Therefore think that in the short and mid term Noront should be a better bet. Of course I do not go along with the crowds so my opinions may be just random noise in the winds of the stock markets.

Where I do agree is that Noront is way more stable and reliable an investment.

Slurry pipe line is not dead, just almost because in the order of plans it is Plan Z, when all else fails.

Noront is going first with the nickel ore and the E/W road is sufficient for it's needs. Fortunately the natives need that road as much as anything else, so they are on board.
For this road Noront should not fund the major costs if any at all. It is the responsibility and duty of the provincial government.

As for the N/S rail road, it would mainly serve the miners because it by-passes most of the native communities.

Hence do not expect the natives to be very cooperative with it's path and permitting process. The Cliffs vs KWG recently was just a sign of things to come. Problems after problems and the politicians do not have the guts to step up and smooth things out.