First Rich, worth vs sale price.
The worth of that chromite is it`s value once extracted and sold. I say it is the much repeated billions.
As for sale price today, any arrangement between KWG and Noront would have little to do with it.

Where am I coming from?

The reason Cliffs may be willing to sell is because they could not get;
1. satisfactory electricity rates from Ontario
2. their transportation route
3. also probably their open pit would be unsatisfactory environmentaly and with natives
I could also rant about natives vs Cliffs, but that should be enough reasons.

They want back at least what they put in.

A KWG-Noront arrangement would not decrease the sale price to a buyer, and probably could increase it. And I am not talking just about the buyer being KWG, Noront or combination of both. Lets say it is X2.

X2 could make an arrangement with KWG-Noront to form a conglomerate to produce a strangle-hold on the Ring.
In such a case they probably might not need Ontario government for anything but electricity. Such synergy would raise the price of all assets in the Ring, exception would be some small players who have not found anything yet and are just sitting and waiting.

I can see X2 paying Cliffs today as much as 400 million $s for cliffs`s Ring assets. At that price cliffs would be glad to say good ridence and save face with it`s shareholders, imo.

As for X2, they could continue and buy both KWG and Noront and not be beholding to anyone for agreements or arrangements. They would be left only with a cosy agreement with Bao regarding metal supply.
X2 would also have a new company not much different then what they had in S. Africa but in a more friendly environment.

Us Noront holders could get a profit on the sale of Noront but by staying with X2, likely profit some more due to X2`s share price appreciation.

Talk is cheap. Ed.