Hello Tin Man

"And the name?": You said..."However, should the right group of individuals, or should I say the right company (?), which I dare not mention,..." Let me be bold (not BOL) to say the name. It starts with a "B" like "Baosteel". Come to think about it BOL is in the mix as well because their JV with KWG on FNC land would give them some of the chromite and other stuff like Ni, Au, etc. So let's not write them off.

NOT and KWG can get together and persuate Baosteel to do the "right thing" to start the Year of the Horse (today) with a bang. With some spare cash Baosteel (which I would call a 700-lb gorrilla in this business...while CLF with $3B Market Cap is far from a heavy weight, a fair-size chimpazee, perhaps) can buy up 16%KWG in CLF holdings and 41% of BD, leaving CLF with 29% (silent partner in the trio). Let give CLF a few hundred $M, as a price for peace in the RoF.

For now, let leave BT alone. This is also part of the face saving for CLF (the Chinese is very good at this). It's still in CLF plan for any future development, if it wants to. CLF only sell the stuff that it does not want (another face saving). Personally, I think CLF was making the wrong choice when it picked BT (lower-grade that would require an on-site upgrader (some $800M?) to crank out DSO for direct sale (to China?). BD (along with BC, also a high grade one) are a much better deposit to mine together.

On the other board (KWG) I was suggesting a fire sale @ half price, $250M/2 = $125M for BT. This is a lot more attractive than $100 offer currently on the table. Sounds like Strato would need to inch up his offer more than just a little bit to match Baosteel's deep pocket. But, may be this low-ball offer will trigger a bidding war.

goldhunter