give it a rest, page-101

Cliffs never took part in any cap raise did they??? If the shares or royalty were to acquire value they were in the nature of a free carry. Cliffs divested and TS used irvine island as the project for plv. The current share price, $2m cash at bank, the wild goose chase Japanese trading co, the $17m no show would suggest cliffs didn't give away a great prize.

The question for the Chinese is whether they can bring on supply in a manner that makes it cheaper than taking expanded supply from the majors in future at expected lower prices than present levels. At the moment the Chinese appear a bit gun shy, no?