Cliffs POV

Also remember that the FWR voters agreed to the Cliffs offer. It doesn't hurt for Cliffs to make a lowball offer. I would. We could have responded with a thanks, but no thanks. What is painful is when the SP vol hits millions and those buying vote for the lowball offer. Lack of potential perspective as immediacy is employed. If you have several hundreds of dollars in SPQ or KWG, perhaps any increase, however incremental is enough of a gain. If you paid .11 and all you get is .13, you realize .02 increase is better then minus .02, so you vote for the deal. Cliffs knows this, that's the game.

There is one difference. Mac said yes to the offers and signed an agreement restricting him on encouraging a more realistic offer price. How much for SPQ or KWG ceo's to say yes?

I haven't read all posts, so this is already covered, I'm sure.

This also shatters all those comments who said Cliffs didn't need JV's, as FWR 100% is good for so many years. It opens up the possibility of a Cliffs land grab followinng JV's deal.

As demonstrated by FWR, there doesn't seem to be a third party interested or shall I say, willing to commit to ROF other then Cliffs, which reduces competition to only shareholders. It would be nice to see another major, now that Cliffs is again and again demonstrating a willingness to commit to infrastructure.

Look at the whole picture: I think we are in the 2nd inning of nine innings, and Cliffs is just trying to get in early and save money, before Noront and Fancamp get enough nickel to bring in a new major. Cliffs is hoping to have enough property locked up as their own before a really big major snaps properties up. With this in mind, if you were Cliffs would you stop at FWR, KWG, and SPQ?

Regarding FNC: Wouldn't you look at FNC before they find any nickel? They wouldn't be able to afford Noront, because they are proving value at E-nest. But a 100mil offer for FNC would be a $2/share offer, which to many FNC shareholders would seem very atractive as many bought in around that price. They know FNC has continuation chromite of FWR, SPQ, and KWG, and they might try to steal it for less. They'll probably make a cheap $50mil offer and hope for Peter is also cheap. Oh, that's a stretch. They could tap into Peter's exhasperated overly-patient shareholders and make an offer for ROF land only. Of course, wouldn't Cliffs want Magpie as well?

How much for UC?

The point is if you are committing 1.5 bil to ROF, you might as well have as much ROF land as possible for cheap, before NOT and possibly FNC bring in a new Major for nickel and GOLD (oh yes, there is that rumbling, isn't there!). I think Cliffs knows this summer is their last chance to get ROF for cheap before Wes and Smith prove enough nickel and other ore for a new Major to enter.

-stockgreed