I am not sure what you mean by $75m @ $3/ share. The $3/share at this time for all of NOT?FWR combined would look a little low to me. and the $75m I don't quite know what that is. Could you be a little more specific on that line for me?

"The most likely though is a major willing to enter the fray but only with consolidation, which would probably have to include FNC."

This is my opinion also. I don't own FNC but wether they have anything or not they are in the middle of my mine plan. (I have been bulding this mine in my head for a year now) I think the idea of transporting by hovercraft across the sensitive area the 20-40k to a railline or road depot on the solid ground area and then to Nakina is genious. I would use my idea of transportsolutions though to do that 20-40k. As far as the mine sites, diking and grout curtain would be all that is needed.

#2 Many of us think Cliffs thinks like you.

Consolodation would help all shareholders of both especialy if Cliffs was on board with it. The people it would not help would be the management from FWR and NOT who would be replaced with the best of both company. I can think of two from NOT that could go and two from FWR that could help make Noront better. Then it would be a true merg instead of a takeover. Somebody has to start biting the bullet to make a stronger company with a monopoly on the resources to barter with. JMO