Great post Old Joe. Very lucid. We are in general agreement on most things regarding NOT though I have more of a wait and see attitude towards NOT's BoD. (Don't shoot me.)

Regarding the following statement in my post, the explanation follows.

"But if NOT does not take over FWR then NOT will be so-to-speak hamstrung."

NOT has the nickel et al. FWR has the better but not the only chromium. Because NOT has the nickel and chromium they are a leg up on FWR but NOT is hamstrung by FWR having chromium and the competition factor. I don’t view the market as being able to sustain two producing chromium companies in the RoF; so NOT is hamstrung by FWR’s chromium (unless of course they take over FWR). I don’t see FWR as being in a much better position on this as if they developed their chromium, they would always be looking over their shoulder at what NOT was doing and NOT will be doing something because of the nickel (and don’t discount the ego factor – i.e. if NOT does not take over FWR then NOT might compete with FWR in the chromium market just out of spite).

All IMO. I hope this suffices. Cheers.