Some quick math. Cliff's just paid $3.5 million for a 20% stake in a company with a market cap of $9 million (using round #'s here). So theoretically they would be willing to pay about $14 million for KWG's ROF holdings. No disrespect to KWG, but their land holdings are nowhere near the quality or quantity of Noront's, nor have they proven up as much as Noront. Yet, they were willing to pay a 60% premium over current share price.

My point is, a substantial premium was paid in a tough market to a small player in the ROF. What offers are out there for the leader in the ROF?

Oh and the payment by Cliffs is in USD, add another 25%!!!