Hi everyone, this is part of a post by Herb Weibe from last year. I find it very interesting and satisfying to read today. Now, Herb mention Xstrata but I am sure Nemis was referring to Cliffs. Shows he was absolutely correct. I believe he will be correct on all other points as well in the near future. Hold on and accumulate at these fantastic levels (25,000 extra for me BTW).
p.s. your move Cliffs!
Here is the excerpt:
Now, Mr. Nemis could not answer most of my questions. I was a little sad to see how the "chairman emeritis" is being kept out of the loop, but it is what it is. I will not put words into his mouth so I will leave it at that. Mr. Nemis did remind me of 3 very important points:
1) The ore is still in the ground. It did not evaporate. It will be mined in some fashion when the economy recovers. He did mention that the chromite will be mined and sold as well.
2) Mr. Nemis reminded me that he STILL holds over 3 million shares. He has not sold his shares, even to fund his new endeavor. That tells me that there is value in the company...
3) Mr. Nemis reminded me that there were "majors" interested in this area. He told me that they were still interested, but does not know to what degree as he is not in the loop anymore. He did believe that they were still poking around gathering information. He didn't talk much about Cleveland Cliffs. I do remember him "referring to a major" in a call I made to him last summer where he told me that the major who was interested was the one most involved with Chromite. To me, and by way of "guessing" only, that speaks of Xtrata. That is my guess from my conversations and trying to connect the dots. Do not think for a second that Mr. Nemis came out and told me that Xtrata is the company that will be buying out Noront. That would be totally false and foolish. That is MY educated guess based on past conversations.....
