KWG is in the project anyway.... as a partner or as a takeout canidate. They will either be taken out, or have to shell out as a joint venture partner.

That would be similar to the MDn/ Pangea deal of which Barrick took over. MDN chose to stay a jv instead of being bought out..... Bad decission. Pange shareholder got $7.00/ share.... MDN sharholders got more dilution and no stock price appreciation.

Prb is in a sweet spot..... Prb's property is key.

The rail would come in anyway with KWG's partisipation... in any case Cliffs offer is still on the table for KWG anyway. Cliffs hasn't gone this far to split off 30% to KWG and not partisipate in PRB's portion of the project.... it'll have to control the whole for any of this to go ahead.

JMHO