We cannot merely take this at face value. Let's not forget what it "implicitly" tells Cliffs...."you can't have it for free...if you want it you have to pay for it."

The interesting thing in the future, is that if Cliffs negotiates and doesn't gave a fair offer, the offer gets rejected by KWG, then what.....they go to arbitration? What would the arbitrator discover about the true value? It would be impossible to ignore the true "long term" value of those claims....so would Cliffs be able to pay the value imposed by the arbitrator...would a road even be approved after the completion of the Enviro Assessment.

The other side of the coin is that Cliffs (Casablanca) want to divest the international assets, so this decision increases the value of their ROF holdings and by consequence increases the value of KWG's ROF assets...if a big buyer comes in for Cliffs assets, will they REALLY want a road vs Rail at six times the cost per ton...I think what the court has said when it all comes down to it is: " You guys sort it out. Negotiate amongst yourselves and leave the courts out of it. The law is layed down, let the markets decide what option is the better one."

The Divisional Court just pulled a fast one on all potential buyers of assets in the ROF. They just set the stage for a potential bidding war. Even the Cliffs shareholders can't really cheer for this one, cause now it potentially will cost them more then if they had won the right to the easement outright, without any responsibility to compensate.

The bottom line is that if 1. KWG and Cliffs came to an understanding and a compensation value, then if 2. the enviro study pointed towards road instead of rail, then if 3. the FNs agreed to road instead of rail, then if 4. the whole proposal survived the opposition from environmentalists and then if 5. the big companies eyeing the ROF would ever agree that road is more economical and thus more attractive then rail from an investment perspective then,,,,, and only then would a road be built....oh and let's not forget...can Cliffs even afford to build it...will they even still be involved in the ROF...I wonder!

The irony in all of this, is that Cliffs" own delay tactics (attempt to force KWG out of the ROF) has created a scenario which will most likely pre-empt them from profiting from the ROF in the long run.

Best of luck to all KWG longs

Le Penseur