F451,

You may be right if the price CLF would get is $0.06/s, since that would bring in some $6M which would be just enough to pay for time and legal costs to KWG if CLF lost the Appeal. In fact KWG may want to start a law suit claiming of loss of business opportunity due to CLF court cases (A threat of another court case may provide some incentive for CLF to agree with a out of court settlement. Lawyer Frank would know how to handle this better, as part of the negotiation with CLF new management). KWG would probably go for a no cash settlement for CLF holding of KWG shares.

A possible scenario: CLF would unload its KWG share holding to an interested party, e.g. a German company, or Glencore, as part of the entire chromite package (70%BD, 100%BT, KWG shares) in one shot. In effect, it would be a transfer of control to a much larger entity with enough money to develop the RoF chromite resources. This entity would be a majority shareholder of KWG to first develop BD, any may BC as well, since they have the best grades and are next to each other. BT and BH are kept in reserve for future development (or just have the monopoly of chromite in the area, this entity may want to get BB from NOT as well).

Whatever the outcome, we know that the new CLF is not interested in having too many appendices, e.g. Fe in Quebec and chromite in Ontario. Getting the cash out of these holdings would align better with Casablanca's vision. CLF has spent some $0.5B on RoF, for about $0.3B, it would probably sell entire chromite holdings.

Just my speculation.

goldhunter