Keep Digging, great post.

Last - assume Ms. Brown's crystal ball is in fine working order and KWG loses out on the railway, etc., and this plays out exactly as she has finely articulated. Recall KWG's 30% JV stake in one of the richest chromite mines thought to be known - this company is not worthless! KWG is definitely worth less without the railway and then maybe a better target for a takeover? Cliffs timed the offer for Spider when it was on the ropes as well...

I'm not convinced that Cliffs will mine Thor first based on the differing quality of ore and ROI - how can they publicly defend that strategy? IMO, worst case they would mine both at the same time at which time the true value of KWG would be realized.

Currently, there are 137 million tons of "indicated and inferred" chromite mineral resources in the Ring of Fire, of that, Cliffs owns or controls 108 million tons.

Cliffs included a $800M Mine Site concentrator or OPF for reasons.

No need for Ontario’s approval under the Mining Act to send that quasi-processed chromite ore out of province or country. Cliffs already announced it will send 1Mt/yr of concentrate to China. Ontario can not stop the shipments.

Did you ever wonder why Cliffs agreed to the new drilling program of Big Daddy? The ultimate size and superior quality of Big Daddy is not important. Cliffs does not need it for 30 years. What's the 30 year NPV of $3.79B?

Manitoba's 3.5 and Quebec's 4.6 cents industrial electrical rates are lower than Ontario's 8.3 cents. Charge-grade ferrochrome requires 3700 KWH of electrical energy per metric ton of product. Cliffs pits Ontario against Quebec for the FPF just like they divided and conquered SPQ and KWG for BD.