I think this standstill agreement covers KWG from the possibility of being taken over by these particular Chinese companies during the next three years. It cannot cover the actions of third parties.

There may be some reciprocal clauses, to the effect that KWG agrees to only deal with these companies for rail building and the financing for that during this same three years.

This allows both parties to focus on the project without too much concern for backstabbing.

There is no way to entirely block another company, such as Anglo American, Inco, Essar Steel, or even NOT, from takeover attempts, though a shareholder rights plan may help. We little guys can hope for a bidding war in the event of some such attempt.

As to compensation, in reference to the ongoing appeal of the appeal, anything beyond legal costs for this particular hearing will be extremely complicated and costly to decide. Can you supply absorbent material to mop up the Lawyer Drool?

One possibility that occurs to me is our friendly chinese associates paying NOT cash for some percentage of their chromite holdings- if they owned 21% of Big Daddy that deposit would be an immediate candidate for development (together with KWG's 30%). NOT would have to pay Franco Nevada their percentage NSR from their own remaining percentage or else allow any buyer a discount. Since NOT is short of cash they will have to do something like this soon. If I remember right, part of Big Daddy is close to the surface and high grade, possibly an open pit candidate, though that in turn brings up all kinds of environmental challenges.

Black Horse is still the most likely to be developed first by KWG & their associates. A simple offtake agreement would go a long way to bringing this to action.