Cliffs has poured half a Billion dollar into the ROF which included taxes (VAT on drilling equipment and accomodations, fuel, transportations and legal fees), Income tax through its employees and lots of taxes on gaining the required permits for land staking. Governments have gained much more from the ROF than anyone else so far, without delivering in return. Quite the thing that Cliffs has blocked Essar, they are their mastergameship as it is now required from their point of view. Anyone would have done the same. Shareholders in Cliffs have lost in fact an entire decade with the unfortunate chances of events. As it was very favourable for NOT to buy the chromite at the very bottom of the cycle, every disadvantage has its advantage. It this case for others. What has happened, after the dimise of Cliffs in the ROF, is clearly that other suitors have stepped back for the moment, NOT did not even had to compete bidding at the time, to the surprise of Coutts. Surely Cliffs did not long for another major buying in, and the majors were themselves busy to survive through cost cutting, re-capitalisation and divestments instead of investments. Now things are changing dramatically, Cliffs has survived from the edge of collapse and they will never allow Essar to benefit from an earlier supply agreement. They got it right legally this time, after loosing out the trajectory case. I think best is to celebrate Chinese NewYear, 28th of January, the year of the (fire) rooster. Normally a red one. It is gonna be Chinese and it occurs me Smeenk knows it. Will RCF be manipulated to sell at instance, I think not. They will go for a take-over in FULL size, 1.2 to 2 B in a one-off deal including EN. Simplicity versus more unwanted complexity.