company say project will proceed, page-24

Why would Cliffs offload 50% interest in Irvine in the first place? If it was really valuable, why would they consider selling their stake?

From the time Cliffs became a major shareholder, have they participated in any of the capital raisings? As of 1/2/11, they owned 10.8% of PLV. What are they diluted down to now?
If they were so confident in the project, wouldn't they stump up some cash from their massive profits?