Re: Road versus Rail, or both? Correction
in response to
by
posted on
May 06, 2016 12:14PM
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Excellent post, but a few errors. Some more history. Cliffs only decided on a NS road after the falling out with KWG back in 2010. Sept. 23rd 2009, KWG announced that with Cliff's blessing, they would be hiring Krech Ojard & Associates of Duluth Minnesota to map out a new 350 KM NS railroad link from the ROF. Krech had done a number of these routes for Cliff's and they recommended KWG hire Krech for the job. Every thing well until Cliff's, who were the major Shareholder of KWG decided they wanted all of the Freewest, Spider or KWG chromite for themselves. They had a bidding war with NOT over FWR, which they won. They then went after either Spider or KWG, knowing they only needed one to secure the majority control of the best chromite find to date, Big Daddy. That is when things got nasty, Kwg and Spider tried many times to merge but Cliffs kept upping the ante, until Spider caved and sold to Cliffs at .19 per share leaving KWG all alone. Cliffs knew KWG had completed work on the RR route and it was feasible, and then they got the "brilliant idea" to run monster trucks over the same RR route that they had encouraged KWG to map out for a RR. That is when the Provincial Liberals got involved, and obviously made many secret?, deals with Cliffs to secure the route for them. At first they were so sure the Mining Commissioner would go with Cliffs, they did not even bother to intervene, until the Mining Commissioner decided in favour of KWG. On Appeal, the Provincial Govt. suddenly got very involved and lo and behold, the Appeal judge went with Cliffs and KWG, really fighting for it's life, had to fight both Cliffs and the Govt. We all know how it ended, but Cliffs took the bath, and KWG is still standing. Everyone, but Cliffs, knew running big monster trucks every so many minutes around the clock 7 days a week, was not feasible but they persisted, in my mind, hoping KWG would fold their tent and be gone. They did not expect the tenacity of Frank Smeenk who has done everything in his power to keep KWG afloat, including buying millions of shares, cutting off staff payroll, etc. and then had the brilliant idea to bring in the Chinese, bypassing The "getting it right Liberals". Some here think he should not have done so, but what about the KWG shareholders? Are we not entitled to get some kind of return, even our initial investment back, many have paid in excess of .09 per share? Sorry for the lengthy summary, but I like to see the facts presented correctly and sincerely hope NOT again gets it's day in the Sun as well as KWG. rj