OK, yeah, I know...who cares?

But here's the thing. I owe both SPQ and KWG and I would like to make a lot of money from my shares. Like there's something wrong with that, right?

And here's the other thing, Cliffs really, really, REALLY, wants my shares! And that's a good thing!

But here's the real thing. Cliffs is already committed to this area. They have to get my shares. They have no option. They want all of the Chromite. And they really, really, REALLY want to get it for cheap.

But here's another thing. I am really, really, REALLY GREEDY. I want all the marbles, not just a few left behind.

We all got a good look at how Cliffs operates when they managed to out manoeuvre Noront. But here's yet another thing. Noront had the right idea, but wasn't able to effectively sell that idea to a short sighted share holder base, or to a a competitior that it had managed to alienate previously. Cliffs had no problem with dividing and conquering. And in the process, paid a stupidly low price for a significant, world class deposit.

And share holders cheered, because they got A BUCK!!!!

And Cliffs snickered as it's share price rocketed.

And here we are again. So...here's the thing...

If you share even a smidgen of my greed, and I hope you do...

If you managed to pass grade 5 the first time around...

If you have longer term view than what's for breakfast tomorrow...

If you understand that an army is more powerful than a soldier, and that in a battle it is better to control more guns than the other side...

And that the best negotiated peace is the one achieved by the side controlling more of the guns....

Did I mention the GREED thing?

THEN, you must understand that these companies SPQ and KWG MUST merge to achieve a proper outcome with Cliffs, or any other suitor. And you must further realize that the price, at this time, between SPQ and KWG, is not of ANY consequence. Just as the price was of no consequence for FWR when NOT suggested a consolidation.

What is of consequence is strength and control.

That can only be achieved by Merger.

But Cliffs will keep trying to cloud your judgement with trinkets and beads. Trinkets and beads.

We must surely be smart enough not to be fooled again.

crazydik