HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: A Prospective on Cliffs at RoF

A Prospective on Cliffs at RoF

posted on Jun 22, 2009 11:11AM

Cliffs has been nibling around the edges at RoF with some minor financing with KWG and FWR. It is also rumoured that they are interested in acquiring most of the chrome reserves and that they have been asking about providing infrastructure.

Sooner or later a major is going to scoop up the RoF. Following is a relative valuation of some of the contenders:

COMPANY MKT CAP($B)

Cliffs 3

Xstrata 37

CVRD (VALE) 71

BHP 94

Anglo-American 39

IMHO Cliffs will be completely outmuscled when the real bidding begins.

SN

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