I just keep thinking, since Cliffs is paying for the infrastructure, BOD thinking is that they might as well have it all. Plus, since Noront would be a battle, second best land holding is UC. Voisin mentioned he is willing to play should they approach.

First KWG and SPQ, then UC, and FNC will be a battle ground.

I suspect Cliffs will think lump sum payment for each, regardless of outstanding shares. So perhaps considering which company has less OS, will make most profit for ind. investors (other projects unrelated to ROF not applied). Also keeping in mind, which company will take a lump some and distribute it to investors or keep to reinvest in projects.

In addition, Cliffs is not a holding company, and they are not conservative either. They have shown that they are willing to take risks in ROF earlier in the process then other Majors and Chinese. Therefor, until the ore is further proven, Cliffs is the lone shark with money to out spend everyone involved in ROF. Who can compete, except for investor vetoes? I know this was worrying Voisin during FWR buyout, so CEO communication with investors at this point seems crucial. Perhaps others could discuss what Voisen is thinking more recently then when I talked to him.

The good news is everyone will be profitable. The torture is watching others profit before you. Logically, the best strategy is to invest in them all, so you too can have it all.

-sg