Here's another scenerio.

Cliffs gobbles up Spider for a song. Looks like this might be achieved already although we still have to vote on the offer.

Then Cliffs says to KWG - you give us the rail road right of way, and the rights to the chromium, and we will leave you with the NSR to provide funding for your explorations, all of your non-chromium assets and all of the SPQ non-chromium assets.

Same result to Cliffs as the SPQ/KWG merger and buy-out but at a much lower cost. And in my mind KWG comes out stronger then they might have with the merge.

And to top it off, this scenerio could have been discussed and agreed to by all parties.

IMHO Wishing......