Here's something we see: CLF is aggressively trying to prevent or avoid the combination. That could be aimed at the combo being significantly more attractive to a second bidder. (Noront however also remains a wild card. They were apparently unable to garner the backing of a major player for FWR , or found the conditions too onerous. As a dark horse possibility, things could also have changed on the NOT front. NOT has significantly shrewd institutional holders who are entirely capable of attracting a major at this point. And they know they won't likely get a second chance to monetize their own cr resource.)

There are lots of potential moving parts here, and I think CLF sees their dance partner is turning her head. Otherwise , the negotiation with both SPQ and KWG would have been short and sweet. For me, today was a great opportunity to "double up" on KWG (at a discount yet) ! Truck is still in reverse. CLF should try to get this done expeditiously unless they think KWG's jv percentage is not worth the major headache it avoids. Unlikely and would seem a little uncorporate given the upside and the potential litigation KWG can throw at them. SPQ must be loving this. I expect CLF to quickly negotiate a final one-big-happy-family solution. As an aside, CLF must think their own shares are undervalued. Maybe after Q2 earnings release, they will up the ante by using a stock offer. Nice position to be in.