So if as Hoov points out:

"Unlike nickel, copper, aluminum, zinc, or lead (not an exhaustive list) chromite and ferrochrome prices do not have any real market support at any time this year. There is a huge overcapacity, and it's a buyers market. Landed metallurgical chromite ore prices (portside in China) fell $40 US/tonne in September. IMHO, Noront's plan to do a feasibility study (already begun, due in 2011) and defer all comments about mine development until that report is completed is the only sensible business decision to make"

A similar scenario for Potash (KCl) where lack of demand has killed the contract price and companies dealing in this commodity have felt the pain.

With a depressed Chromite market FWR's price of around $0.39 was being held back but they were attractive to those with longer term Chromite plans (i.e. CLF). The rise in FWR's SP prior to the NOT bid sure seemed to suggest something was cooking with FWR.

I ask myself, why the rush Friday/weekend inital offer? Why was NOT's bid for FWR not stronger? That is, why was there not a higher premium placed on FWR's SP?

I beleive NOT, with their offer for FWR, wins either way, if they get FWR for the 4:1 price they get a good deal and the synergy with their long term objectives is met. If they don't make the deal, they knew FWR's SP would rise substantially, thereby making it more difficult for other potential FWR suitors to buy up large chunks of FWR stock, allowing them more time to work the deal.