Thats why Cliffs more than anyone wants to see PRB move into the $2.50 range...JMHO

The proven Chromite 8.4 MM tones implies a $100MM market cap based on the FWR and SPQ deals and the offer to KWG.

I figure that PRB is discounted 50% in investors perception because Cliffs has not yet made any offer or show of intrest.

Once the new resource estimate comes in I expect to see the price ramp up accordingly to 50% of that new value.... this of course implys zero value for Borden etc.....

or

It also could imply that Borden and other assets are the only value implied in the share price.... Therefore if Cliffs makes an offer for the Chromite alone.... one would have to add this to the share price.

In any case the upside here is huge if.... or when Cliffs makes a move...

JMHO..... before Christmas!