Kerry,
I don't think that it can be "CLF thinning their holdings'.
To my knowledge, Cliffs owns a significant share of KWG (just under 20%) and is therefore considered an insider. An insider cannot buy or sell a single share without disclosure, so unless Cliffs have done so, I don't think it is them.
Can anyone (with some level of securities understanding) support my thoughts?
Going long on KWG,
Keep Digging