There is a very good question. If Cliffs ends up buying enough shares of SPQ and KWG to give them a controlling interest in the new KWG (even after their "dilution" at the moment of merger), what then?

They still win. But so do we.

Ultimately, even if they pay quite a bit more, the fact is that they are still "winners" in the situation. The ROF is going to really enhance their presence on the world stage of mining.