You are mostly right, Ed.

As of now, Noront is the only game in the ROF. Where we may differ is in the role KWG may play. The idea that they could cooperate with Noront, and gain use of their infrastucture (ramp) to mine chromite simply does not have any credibility. Firstly, they could not mine enough product to satisfy the bulk required for rail, and even then if any chrome is going to come up that ramp, it will be Noront's chromite, which is more accessible, is already proven, and at least as good or better than what KWG thinks it has.

The situation in the area is going to change drastically, and soon from the looks of it. If anything, there is going to be a nickel mine, and only a nickel mine, in the near term. That means an E/W route in, which Noront has only calculated on paying 25% of, at most. Can they justify paying more, and can the two levels of gov't justify the cost with less jobs to be had? These questions appear to have to be answered by year end to stay in line with Noront's scheduled release of their EA.

The really interesting thing though, brings us back to the chromite. CLF (from memory) paid something like 700m to take out both FWR and SPQ. They have now put this on the back burner, and likely will write most of the cost off in the short term. At best their book value may something like 15-20% of original cost. Perhaps it is time for Noront, with the backing of it's two major holders and Gov't cooperation, to lay a 100m offer on the table and take the whole area under it's single wing. This would bring KWG back into the picture, with it's 30% of (big daddy?). As long as they didn't do it with 21cent shares.

Best regards
K