Notster don't you wish you had a crystal ball to see the future? Cliffs and SA, partners or protagonists for NOT and what ever else.

Per posts earlier, the most likely possibility is that Cliffs is hoping this merger goes through, they up their share of shares of the NOTt/FWR conglomerate. The conglomerate assimilates one or two others ( JV's are most likely) and then Cliffs offers to buy the whole lot where they are the owners and we the operators ( some of the juniors walk off to continue exploring).
In the end when a mine is near completion, SA comes in and offers a sweet deal.
To quote someone vastly more eloquent "I have a dream".
Cheers.