Cliffs has potentially 163MM votes at any annual or special shareholders meetings. It seems plenty enough to dictate about anything, including a new slate of directors anytime!

Also, my understanding is that KWG does not own any chromite. Our ownership of Big Daddy is an undivided interrest (26,5 %) through a Joint Venture in which we lose operatorship at the end of next month. This minority interest means that we will no longer decide anything from April 1. Sure Cliffs will want to have the remaining 26,5 % sooner or later (and perhaps to buy back the NSR), but where's the rush for them? Which Major would want to purchase a minority interest in Big Daddy? A Major will want to mine its own terrain, I guess.

Probe's 100% ownership close by could be more a preoccupation to Cliffs IMO, as another willing player could be interested to build a mine. Would Cliffs allow another mine next to his? Why not?! There is plenty of room (and ore) up there for a few additional suitors, and sharing the risks, infras, FN relations, jobs burden, etc...is certainly not a bad thing...

A merger between PRB and KWG would however annoy Cliffs to a large degree, but would Frank dare to try the trick a second time???

Our goals now should be, apart from securing our chromite value and promoting the rail RoW (which KWG team does very well), to secure our other claims (DDI), and to prepare the 'afterward'.

By the way, courtesy of Tigars on the other board, here is an interesting reading regarding the Railway, which seems quite recent -but obviously before Cliffs last announcement!

http://www.kwgresources.com/_resources/media/2010-Jan-Canada-Chrome-Railway.pdf

GLTA.

BaBe.