Noront Resources

Consolidation was quite appropriately talked about pre-Cliffs as a prerequisite to a major infrastructure commitment. At that time, nobody knew CLF was going to jump in with both feet. CLF/FWR was a gamechanger. With infrastructure now assumed, even with CLF as the go-to guy, all the other independant plays are slowly being assigned some basic values without reference to a need for consolidation. No doubt, there will be some consolidation, but it is no longer a deal breaker issue in valuation. In fact, all the pre-CLF valuations, and especially Noront's, should have firmed significantly. The economics will always argue toward JV development led by one or more majors who will be opportune to capture and consolidate the surrounding resources while they are cheap. Rest assured, lots of background divvying and accumulation continue , while retail is now totally distracted by the logistics sideshow.