Correct me if my memory does not serve me correctly, but my understanding is as follows

KWG has the following companies in its stable:

- DDI: spun off, listed as a separate company with Smeenk as Managing Director. CLF has some skin in it. Most promising property contains those pipes across the road from the Victor mine.

- CCC: 100% subsidiary of KWG, i.e. not a separate company. This company has the RR claims, but essensenly it's KWG.

- Holdings: claims in the RoF (including the claims just south of FNC which used to belong to NOT, but FNC was faster in a re-staking, this piece of land is in the Koper Lake area and could serve as an important transportation hub...at least, a Hercules C-130 landed and took off from the frozen Koper Lake).

KWG has a large chunk of BH in a JV with BOL (and FNC), and 30% of BD (CLF 70%) which is more advanced than BH.

So, CLF has something like about 16% (or 17%) of KWG (i.e. it owns 16% of all the stuff KWG owns). It's a major shareholder, an insider (over 10%), but it pulled its own Director from KWG BoD (not sure what's the reason behind this)...Since they are still considered as an insider, any buying (and selling, but most likely buying) of KWG shares must be reported, unless they accumulate KWG shares through their proxies.

Don't be surprised to see CLF ownership suddendly jumps to much larger number than 16%. In my opinion, they will take a run at KWG. Frank surely knows about this possibility, hence he has been (most likely) talking to some majors such as Xstrata/Glencore.

BTW, two other properties that are important for CLF plan would be FNC and PRB BC. It would be interesting to see a JV between KWG/PRB and a more robust JV with FNC with respect to surface rights. This is the way to block CLF in (= "landlocked")...naughty, naughty! Of course NOT should be an ally as well (JV for BH and BB, the Siamese twins).

Just speculating.

goldhunter