There's been harsh words about the lack of detail in Gravelle's Dev. Corp announcement.
Imagine this ....you have $10,000.00 in your bank account, a first class education from Harvard, and your first job after graduating making $75,000 per year.
Your dad has millions and millions in cash and other assets.
You have your eyes on a house selling for 1.8 million dollars. You decide you want to buy it.
You go to the bank and apply for a mortgage. The bank laughs at you when they see what you have in the bank and what your yearly salary is.
You tell them with confidence ...your dad has deep pockets and you remind them you are a Harvard graduate who will rise to the top. You raise your hand and point to your brain.
You tell the bank manager that there is a lot of stuff buried in your brain. Your brain is like a platinum ore body. Very valuable and needs to be considered. Your graduated in the top 3% of your class.
The $75K salary is just a starter.
The bank laughs and tells you... tell your dad to buy the house for you. We'll negotiate with him..or tell him to wire you a wack of money to your bank account.
The Ring of Fire needs "money bags" to stand up and take a bow.
Back when Cliffs was trading over $100 per share and a member of the S&P....the gov't felt comfortable putting up some money and in exchange getting the promise of jobs and a smelter and lots exponential activity.
That $100 per share company ..turned into a $15 per share company ...and Cliffs put the project on hold.
The Rof needs a rich daddy willing to show them the money.
Noront's current back account/market cap does not show big bucks status..and although they have some deep pocketed folks RCF and Baosteel invested.....it's like my example above of rich daddy.
Assurances will be required that the money for mine(s) will be available..before billions of gov't (taxpayer) money is spent.
It will be interesting to see who buys the ROF holdings from Cliff.
Back in May when Noront put their 150K deposit down on the Cliffs camp it was stated:
" The deal is expected to close in the third quarter of 2014."
The deal is "conditional." I would imagine that whoever buys the Cliffs ROF assets would want to keep the camp??
We wait to see who comes out "victorious " in purchasing the Cliffs ROF assets... Based on the time line for Noront's camp deal...we may see something in the next little bit.
