An important item which hasn't been talked about much is the issue of consolidation. If Cliffs wins this deal, they certainly don't control the chromite. What about BB1 & BB2, the JV with Probe and that portion of Big Daddy they don't control. Not to mention the prospects of proving up further deposits elsewhere in the area.

The NOT/FWR combination does a much better job at consolidation. In addition, if the NOT deal prevails, Cliffs will now own a share of NOT stock as they will get 1 for 4 (as of now anyways). A NOT/FWR combination has either NOT or FWR with a piece of every chromite deposit discovered up to now.

By Cliffs getting a portion of NOT stock they would also gain an interest in Eagle's Nest as well. Perhaps that is the real prize.

Just suppose Cliffs does get FWR. What would be their next move...perhaps further consolidation? There's KWG, SPQ, UC, PRB, FNC, BMK and NOT to contend with. Who puts up the capital for the infrastructure? Do they not run the risk of competition in the immediate area? It could come down to the best near term deposits. Numbers from the latest Probe news release created at least some question as to who has the best. Perhaps the best deposit has yet to be discovered.

I'm leaning towards the outcome being NOT takes over FWR with Cliffs now owning a decent % of NOT. How that will happen, I'm not exactly sure. The most obvious way would be for NOT to go over $2.80 ....then it would make sence for FWR shareholders to tender their shares to NOT.

Next move.....NOT extends the date of thier offer to later than November 30, therby allowing the .60 PP to go through this coming Monday.....and gaining additional time to move their share price back up to $2.80 and above.

Just my thinking out loud