I do think that many 'Biggies' are looking at the Ring and are sitting on the side just waiting and observing the goings on.
If I were a major executive in one of those Biggies ( for sake of this opinion I include Cliffs) then I do want some consolidation to occur and if possible for more evidence of larger resources to be provided before I make my move. I am interested in an established resource and do not want to tie up my cash for years exploring a potential. My main business is production so any resource not only has to be economical but of sufficient size and type to increase my resource base. After all, established resources are being used up and they need replacement for me to continue at the level of operations I am accustomed to.
Cliffs as an example, already is partly invested in two chromite players in the Ring ( KWG & FWR, please correct me if wrong because I do not own either) and both of these are fairly small so it did not take a large outlay to get the foot into these doors. That was the easiest way for them to insure that any action in the Ring involving chromite would have to include their participation no matter how small their part would be initially. This places them in a position of 'In the Know' regarding any action.
You can bet your bottom dollar that many of these have signed nondisclosure agreements with most of the Ring's players.
Anyone interested in becoming a chromite supplier to north America would naturally want to inclue one or both of these and probably all three if it is not Noront aquiring. It is in the best interest to such a party to aquire all of these resources because local competition could easily drive the price into non-profitabiity and scale is also a route to profitability when building a fairly large mine that needs to operate for a fairly long period in a small market.
There should be no questions as to why Noront took the initiative especially when Cliffs started to stake out paths for transportation routes. It was a wake up call to Noront, ether consolidate or be left out in the cold ( perhaps be bought out itself, completely or just the chromite).
I happen to think that Noront's visit to S.A. also added a spark to action.
As most say, we are seeing signs, just that we have not got the interpretation of them down pat.
Cheers.
