From the last Cliffs' NR:

"Cliffs' strategic objective is to gain control of the Big Daddy chromite project located in the McFaulds Lake area of Northern Ontario. Cliffs currently owns a 47% interest in the project, while Spider and KWG each own 26.5% and have the option to earn-in up to 30% each through additional spending on feasibility studies to establish the project's economic viability."

Rewrited:

"KWG-Spider's strategic objective is to set up control of the Big Daddy chromite project located in the McFaulds Lake area of Northern Ontario. Merged KWG-Spider will currently owns a 53% and have the option to earn-in up to 60% interest in the project, through additional spending on feasibility studies to establish the project's economic viability, while Cliffs owns 47%..."

How much does this worth for the merged entity's shareholders? (And we have other objectives, also... Did you say 'diamonds'?)

GLTA.

BaBe.