Since we're discussing theories.....here's mine
Cliffs doesn't want just FWR's chrome...that makes no scense at all. Without the 43-101's for the BB's and the Big Daddy deposits, not to mention FWR's two deposits, how can they make a call at this time that one is worth putting into production over the others. They can't.
Perhaps they've tried to get a stake in NOT, but the institutions in there now wouldn't give up any controlling interest, even a fraction. It only makes sense to consolidate all the chrome up there...each deposit in itself is worth nothing...the market has already told us that. Just go back and see market reaction to any news regarding the chrome....many little yawns equates to one big yawn. However, put it all together....and now we're talking.
Now, it's not likely that Cliffs will tender their FWR shares for NOT shares at this time....however, once NOT shows that they've successfully blocked any deal with Cliffs, it all becomes a new game. At that point, there could be some real deal making going on....how to tear FWR apart to the liking of both NOT and Cliffs. Give cliffs the chrome in return for all of FWR's other properties and all the other minerals associated with FWR's ring of fire claims.
Perhaps that is why we haven't seen a higher bid coming from Cliffs...Noront meanwhile knows perhaps that they have the 1/3 interest locked up and don't need any further news to close that off. Time for Cliffs to give up on this attempt and plan their next move.
The deadline to tender FWR shares for NOT shares with TD is tomorrow morning at 9:00. If I'm wrong and Cliffs has another move coming....well, time is surely running out on that. I'll be watching closely for something after the close today.
This is the 1,000,002 theory
