You can believe Noront to be one or two years ahead of Cliffs if you believe, as I do, that Cliffs has zero chance of being in production in 2015. For that to happen would require a resolution of the location of the chromite smelter; decision on the location of the railway; design, permiting and construction of a railway; design, permiting and construction of the mine equipment; among other things. All requiring cooperation of governments and first nations.

2015 is a short three and a bit years away. It isn't going to happen on their timeline.