I got asked a question on my post, so I thought to answer here.

I looked through the cliffs web presentation as they have a large holding in Zenyatta, ~9% and I was trying to gauge what they would do if the PEA returns are near as good as forecasted.

What I saw was although they mission statement that they look for the best return on capital invested, right now they are in the process of regrouping and money saving, across their traditional mined commodities.

I may be wrong but I don't think they would borrow to start the graphite mine themselves. So given their contraction, I think that their 9% holding would be a target by an suitor.

(I write suitor as I think its well known that Zenyatta is geared up more for sale than to be a long term mine operator)

A few leaps by me, to see a disconnect between long term & short term strategies, but if they had a better balance sheet, and/or if the graphite was a more traditional commodity or had a large existing take off agreement....

Cliffs have a conference call on the last quarter on Friday, but I doubt they'd comment on Zen pre PEA unless pinned down by an analyst, as they have so much going on.

Hope that helps.