I add my 2 cents:

1 & 2 combined. As far as FWR merge is concerned, I think Cliffs is sitting in the background and hoping it does go through. Perhaps with Cliff's encouragement.

If the deal does go through they will still have a foot in the merged company's door but the door will be a bit bigger. I think they would buy a few more shares ( up to 10%) to have more leverage in future deals that the larger company would be involved in.

Secondly, Cliffs builds a rail line and a larger NOT/FWR would be more capable of contributing a few $ to that construction , this is where the leverage comes in. Cliffs would be in a better position to influence that contribution. Similarly as stated, influence the sale of metals.

I suspect Cliffs of later orchestrating with NOT-FWR an additional merge, or take over, of other RofF neighbours, per previous suggestions on this board.

3. Cliffs not being on board, NOT is doing it on their own for now, with the intent of becoming the dominant company in the RofF. A previous arrangement with a big cap (S.A.) could be a trigger. It is very ambitious for NOT to be doing this on their own initiative this early so we have to assume an influence.

A big backer who may be just waiting for sufficient exploration and consolidation to take out this NOT-FWR or the resulting conglomerrate from above 1&2, it matters not to the biggie who consolidates the RofF.

This is the next Sudbury basin.