I agree, and those opportunities should be paying down debt. Once their debt burden is substantially reduced, then the risks from IO volatility should be considerably lessened, and they can start working on diversifying into chromite again.
There doesn't appear to be a near term solution for the political problems holding up their chromite project, anyway.
They will be going forward with the Ring of Fire project, CLF will not be building the transportation system and forcing the government to do it. It will save CLF $600 million to $1 billion, which puts the project within reach without taking on additional debt. It also delays the outlays of big dollars for a couple years, allowing them to accumulate cash.