Excellent analysis Mark. IMO,the sp is being held down for a reason. If it was only Borden,it could be a different scenario at the moment,with my view that the sp would likely be higher. I sense that we are being held down because of Black Creek. This deposit,IMO,will be taken out( sooner then later) by Cliffs or by the major that takes NOT/FNC out. THe interested party(ies) likely do not want Prb to rise because it would in effect give implied fairer value to BC and lessen their bargaining power to pay as little for BC as possible.