In the peak year of chromite production, the global output was 19 million tonnes. 90% of it was used to make about 8.5 million tonnes of ferrochrome. In mining terms, the numbers are very small. If Cliffs was going to invest $1.5 billion in infrastructure to produce about 0.6 million t of ferrochrome, than by simple extrapolation, we can estimate that infrastructure cost is $2500 per tonne. Based on that, the already existing producers overseas that can produce 8.5 million tonnes of ferrochrome have over $21 billion already invested in infrastructure. The potential annual sales are $25 billion to 40 billion.

The point of this little mathematical exercise is: Don't you think it is bizarre that to this day not one of the existing ferrochrome producers have publicly expressed any interest or concern in the ROF? The ROF has enough chrome at great grades, that from all accounts can be mined open pit, to flood the market for the next 50 to 100 years, decimate pricing forever. This has the potential to shut down all other producers, render $21 billion in investment worthless scrap and a loss of $25to $40 billion in sales and without a peep from those involved. It defies all logic and common sense. It defies all logic and common sense that the "potential" entities in the ROF are being fought over as we speak by a duel with all the vigor of a game of marbles for 90 cents and $2.50.

The news is out. We are out of the closet. There has to be more to this story.