"Isn't the above essentially the real problem with the chromite?"
Well yes it appears so. 100 to 120 years is probably a closer approximation for the Ring's chromite life span assuming most of the ore is used for north American needs. No wonder Cliffs wants to export the ore or it's concentrate abroad to get the profits in earlier.
Fortunately for us not only can we produce first but we have the added benefit of the nickel ore so we are not a one trick pony.
Our chromite deposit has trippled in size due to additional drilling and was not limited by lack of potential resource. Drilling is dependent on the ability to finance further exploration and not on the potential of our vast land hold.

Gerwin said two days ago, Re: Value of the Chrome / Nickel combined
"Total to me will be around 3.5 Billion as a starter. Just take 250M outstanding shares .. and how about that smile?"
That means about 14$ per share and about 20 times our current share price!

I'm of the opinion that Baosteel is not so much in to protect us from being bought out by someone else but to assure themselves of ore supplies. Anyone wanting to buy Noront has to come to Baosteel and assure them that they will supply Baosteel with ore or metal under acceptable terms.

Yes I also agree, Noront could have halted trading and then make the announcement. That would gather more attention to themselves. Noront is obviously trying to be under the radar to not be bought out.

Again Noront's unequalled ore diversity and land hold are an attraction in themselves. Future is indeed bright for the king of the Ring.