Cliffs will get who ever they want to get in the Ring (sans NOT IMO). They can easily have both SPQ and KWG but they are being prudent (cheap) and like any business/investor, they are trying their best to "buy low". Noront won't be able to outbid them but they could end up being a minor speedbump in the process. However, this does not benefit Noront, it would only benefit SPQ/KWG shareholders. Plus the cost of failing the takeover is much greater (see FWR). Noront should stick to what they are best at and that is drilling and finding more "goods". Whether the market likes this approach is a whole other story...