The problem is that while a takeover requires shareholders approval the same can't be said for entering into a jv arrangement as that's a business decision made by Operating Officers and Board.

Noront and all the junior mining companies can do an awful lot without needing to inform shareholders or seek their approval.

It's important to shareholders that their companies are run by individuals who are ethical. You can't rely on regulatory agencies to rein these guys in if they go overboard looking after themselves first.