It leaves one compelling question, for which I would like your (and anyone else's) 10,000 foot view. That is, given CLF's current position , its business and its FWR shareholding , how do you see CLF responding if at all ?

If I gave one option it would look as if I knew what Cliffs will do so I will give my top 3 in order.

1.Cliffs may not care who owns the resource as long as they get to sell it.

2.Cliffs may want to have a control of the shipping and total resource in the whole ROF for competition sake and will need Noronts and all chromite FWR KWG and SPQ but do not want to buy all of NOT so a deal may be needed with NOT to get NOT to play along.

3.Noront may want total control of everything and have some unseen interest to JV,sell or back the venture.This could be Cliffs or other or they see themselves bigger than they are and are attempting on their own.