Yes, CLF paid roughly $250m for FWR. That does not mean FWR was only worth that amount. Just because they got FWR very cheaply does not mean they should therefore get SPQ and KWG at similar bargain/rip-off prices.

There is one very good reason why they should pay $250 million or more for SPQ and KWG's shares of Big Daddy - quite simply because they are worth more. To CLF and to any other company who wants control of the richest, most potentially profitable chromite deposit currently known to exist in North America, and possibly in the world.

That is a question to ponder when considering why CLF should pay a reasonable price for control of the Big Daddy deposit.