Does anybody know the basis on which this valuation will be done?

Will they just look at the stock price over a certain time, take into account the in-ground deposit at some discounted valuation, with a trailing average price for chromite, try to project future chromite prices, or what?

It seems likely to me that this may be one of those bean-counter assessments, which don't deal with the real-world present day actual valuation, but with 'documented' figures such as comparing it with the price paid for other similar deposits - this would be FWR's Black Thor, which recently changed hands at a very low price.

Remember, CLF wants this 'valuation' to be completed, so almost certainly the inputs used are going to result in some low figure; during the FWR take-over a similar 'assessment' resulted in a recommendation to accept the low-ball offer.