With a minority holding on Big Daddy, along with Cliffs' decision to go with Black Thor first, KWG is like a handcuffed football player! Moreover, Cliffs does own nearly 20% of the capital and voting rights of KWG, which is very close to de facto control of the corproation.

So the only way for KWG to take advantage of the game is to insist on the true value of Big Daddy, with independant valuations (Broad Oaks, McCormack), ponctual assesments (XStrata), etc..., and to take a leadership position in the RoF (RR stakings, FN, public appearances on radio, TV, etc...)

In doing that, KWG will build a situation where it will appear locked or 'oppressed' by the majority holder (and near-control shareholder) of the treasure claims, being unfairly prevented from cristallizing their shareholders' value! Cliffs will be pointed as abusively withholding the keys to the Big Daddy ground. Then they can try to force an acquisition at fair value by Cliffs via a court ruling, or by unsustainable commercial pressure. Or as you say, this may attract another steelmaker in the equation, who would see an opportunity to play in this first class chromite garden ...

KGW team acts like warriors in this file, and they never failed to date to keep this company day after day under the spotlights, and the fight to maximum tension. Did you witness even the the slightiest sign of surrender by Frank since the fall of Neil Novak? Not that I can remember ! Yes the dissenting process was abandoned by Frank, but in hinfsight this was in my sense a good move because the point was already made (the McCormack and Broad Oak valuations were commonly known, and the Dissenting announcement NR was in itself sufficient), and it would have been a rather low blow to its JV partner, with no real concrete result to be gained.

I am comfortably sitting with my KWG shares and patiently waiting. Frank Smeenk has obviously a Plan, and we have the Assets. Happy to be onboard this one!

GLTA.

BaBe.