I would never say CLF has no interest in NOT. What is factual ,and to me compelling, is that they have a significant working and financial relationship with CLF. That is not present with NOT.

As compelling to me is that CLF cannot afford NOT at the values NOT BoD would be thinking long term . I would concur. CLF has not got the liquidity for a cash deal at the billion $ level. Nor can it afford say 25% dilution for something that would be 5-10 years from producing any cash flow. Even the really big guys are holding back. Vale is playing hardball everywhere.

All the majors are looking down the barrel of Stagflation. If you lived through the 70's and '80's, you know the problems of how to invest in an environment where there is at times little growth, but noticeable inflation. Current US policy appears headed to more Stag so there will be less inflation. Mr. Carney's statements are indicative. Nobody can invest in a void without regard to the economic weather. Potentially, commodity metals prices will rise slightly, with little investment in new supply, as the US focuses on protecting the dollar.