We are happy to see investors are starting to realize that the chromium discovery by Noront (+59% since end 2008) and Freewest (+94%) is simply “too big to ignore” by the major commodity producers. Coal and iron ore heavyweight Cliffs Natural Resources has already made a move, and bought part of KWG Resources, one of our positions. KWG is responsible for a nice piece of this remarkable chromium discovery, which could be “The biggest deposit of its kind on the globe". Despite the rapid deterioration of the world economy and more shocks for our financial system are to be expected, we decided to go for the ROF.