"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)."

Or wouldn't a major rather enter before Cliffs gets ahold of them. It would be cheaper and last I knew, this downturn in the world economy is what the majors are using to augment their positions....unless of course they are waiting for more troubled times when another rough patch hits and we all go for another ride to a bottom. If Cliffs had possession of a large chunk of ROF at the time, they may be inclined to sell some assets. It's all about timing, who is liquid and who manages to maintain some dry powder for bargain sales.