"All the majors learned from the mistakes Inco made at Voisey's Bay. They showed their hand way too soon and got caught up in a bidding war and let Friedland outfox them."

I would pretty much agree with all you say, SN, with the exception of the above. If memory serves me correctly, Tech talked themselves into a 25% stake very early in the game, and walked away with a huge gain at the end of the day.

Another example would be Agnico Eagle in Red Lake. They bought a stake in Golden eagle, then sat back and watched as Goldcorp outbid them for the rest. I believe they walked away with a 35m profit without even having time to pay for their purchase.

To say there is no one out there that can see the writing on the wall and make a move similar to either of the above is not keeping an open mind. In a situation as we are in things can turn on a dime, and the winners will be the ones who believe it can happen and are prepared.

Best regards

K