Cliff's owns about 16.3% of KWG. If they wish to acquire KWG, they would need to convey that request to KWG, so that KWG could provide a new independent valuation (as required under Multilateral Instrument 61-101) in connection with the potential take-over bid by Cliffs (that would constitute an "insider bid"). The new valuation is required in order for Cliffs to be permitted to commence any bid for KWG.