My short list of potential partners would include Cliffs partners in existing ventures.

In some of the existing North American Iron Ore mines operated by Cliffs they share ownership, even hold minority ownership. Partners are Mittal Steel, US Steel Canada and Dofasco.

In the Sonoma coal project in Australia partners include QCoal 45%, JFE Shoji 5% and China Steel 5%.

In Brazil their partner in the Amapa project holding a 70% ownership position is Anglo-American.

My number one pick for a Cliffs ROF partner would be Anglo-American which incidently also owns 45% of DeBeers. DeBeers has recently opened up the Victor open pit diamond mine (estimated capital expenditure of $1 billion) which is located just north of the Ring of Fire. Anglo American's main interests include platinum, nickel, copper, zinc and ferrous metals. We have a strategic fit, an existing relationship, and a local presence on the ground.

Number two pick would be China Steel, but probably only for a small minority position.

I think there is also a real possibility that Cliffs cuts a deal with Noront if they don't win the bidding war for FWR. They really don't seem to be trying hard enough to win the FWR battle to me. But then there is probably lots going on behind the scenes of which we are not informed.