Unquestionably, Cliffs has really put their foot in their mouth with all of their communications stating how their future is as "the" North-American ferrochrome producer. Their entire long-term business strategy effectively relies on them securing 100% of the Big Daddy project.

While nothing is a given, there is no doubt that they want KWG and SPQ a lot more than they admit. The two companies combined would be an extremely juicy target, have no doubt about it. The merger is absolutely a big positive for shareholders.