I agree on the cash-out theory:

NOT and PRB agreed to divide the claims in the "best interest" of both partners.

PRB gets the Chromite which they can sell to Cliffs and NOT gets the claims surrounding their Nickel and Vanadium deposits.

Makes selling easier compared to 3-way-negotiations.

I found it always "strange" that PRB got involved in new JV´s when they were saying all along that their main focus is on McFauld´s.

Today´s action makes more sense now, at least to me.

I think this is the start of another major change in the RoF.

FANTOMAS