Luckylou is right on the mark as far as Cliff's reacting to someone coming to cut their grass!

However, that someone was Noront and not another major! When FWR went into play their investment bankers were CIBC World Markets. Not exactly slouches in the mining market. I learned afterwards that more than 20 national and international companies signed confidentiality agreements to review the details of the FWR prospectus.

None made an offer!

None even asked for followup information!

That may well have been a catalyst for an emboldened Noront to make a play. I'm not sure that anything material has changed since then to create the interest needed for another major to want to pick a fight with Cliffs? They really have played this well because no matter how you slice this they are in control of BD and BT.

A 3rd party buying SPQ is pointless as you control nothing? Why would another major do it? I have yet to hear a plausable business case for this scenerio.

The real player here is KWG! imo........they control the drill program going forward......they control the rail......and they have the NSR.

Cliffs is willing to finance them and allow them to increase their value through expanding on their business oportunities.

I don't see the downside here.

IMO if there were to be a major find from the drill program then Cliffs can establish their position to take advantage of the find and still not have to deal with a 3rd party because once again......they control the project with a simple majority. We are a part of that and we will come out as winners.

all just my opinion

carry