Of those companies it appears that only CVRD and Xstrata would not require major new greenfields capex projects. That is my quick take and would be pleased to hear from any of you who have more recently analysed this. The concept is important because NOT/McFaulds will be worth a lot more in the long run to someone who has existing processing capacity for Ni. It seems CVRD is in the enviable position of being able to rest easy for quite a while waiting for things to play out, subject only to the motivation of the Russian cos. to control the PGM's. The near term catalyst might then become the proving up of a Ni resource of such magnitude that it becomes strategic even to CVRD., or a PGM resource that the Russians jump at, or both. Justifying a major new capital complex will require a giant resource given costs and location. Can, for example, a BHP or Rio Tinto combine this resource with others to justify a major Capex deveopment? Teck does not seem to be in the game at that level, nor do a host of other very competent miners. It seems the big ? is whether the resource proves highly economic, Really Big or Humongous, as to who can really be in the game, and we will need to see the resource defined regionally rather than by Company to get direction.