I think as you do that the location and outcrop make PRB a done deal.

I think this because Cliffs will have to stay 50 M or so from the property line.... Since the Big Daddy cuts across PRB property that means a significant portion of the Cliffs Big Daddy locked in place.... Not to mention the overburden make it an underground development.

Purchasing PRB allows full production of the deposit, not to mention the outcrop means that the initial development can be open pit... It is not so much that the additional tonage is in play here, but the ability to optimize that production. The diference between open pit and underground will mean higher profitability, lower capex and more efficent operation.

Sure Cliffs could develope the big Daddy without PRB's property..... but they will sacrific profitabilty to do so, and it is profitabilty which will enable the project to advance.

If Cliffs doesn't want it I think another sutor will be willing to take out PRB on the premis that when Cliffs advances the infrasture toward production, they will be able to bring in an additional open pit mine at lower capex and mining cost than an as is Cliffs operation..... Cliffs could leave PRB on the vine, but it provides a risk that they may not be willing to take.

JMHO