Thank you Stevie, That actually quantifies it nicely. If a $ value were to be used for the minig costs that were an industry accepted average then the additional value a Cliffs would place on owning the BD resource should in effect give you a value to owning the two other JV partners. Obviously you wouldn't pay one dollar to gain a dollar but there must be a % based calc that can be applied.

Some bean counter has probably calculated the value of the SPQ and KWG shares based on some such calculation in present value dollars.

I wasn't aware how big of a difference there was between the resources. As Stevie correctly states.....a 6% addition to the bottom line is a big number...especially over time.

Thanks for the clarification

regards

Carry