KWGBF KWG Resources Inc (PK)

Cliffs Natural Resources Inc. (CLF) said it continues to review whether it will make a formal bid for KWG Resources Inc. (KWGBF) after its was rebuffed last month in its bid to gain majority control over a Northern Ontario chromite project.

Cliffs Natural on Monday said it is firmly committed to its May proposed offer of 13 Canadian cents for the shares in Canadian companies KWG and Spider Resources Inc. (SDERF) that it doesn't already own. At the time it held 19% of KWG and 3% of Spider. Cliffs, which has a 47% interest in the project and could gain control by acquiring either of the companies, which each own a 26.5% stake.

Both companies panned Cliffs' offer last month and a day later KWG entered a binding letter of intent to merge with Spider, making it more difficult for Cliffs to get control of the project. The combined company would keep the KWG name.

Neither KWG nor Spider have significant assets outside the chromite project.

-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com;