Thank gosh for those PGM's. For CVRD, NOT represents just another bunch of 'grist for the mill'. No big hurry, no big price, no strategic value other than long term longevity of Sud which currently is not an issue to them. Perhaps as spoiler to Xstrata is their max assigned value. As to BHP, a greenfield here in Ni/cu makes little sense when they have better opportunities for that amount of capital elsewhere.

For the Russians, there is a greater sense of urgency because the PGM's are strategic to their control of the PGM market. Like DeBeers 25 years ago. And the Russians will feel very comfortable in Canada. A hybrid CVRD/Russian JV would be ideal to max value as long as there are competitive bidders. This deal in reality is worth a whole lot more to a CVRD/Russian JV than anyone else considering focus, markets and op. logistics.

For a BHP to be competitive, it will take a huge regional and secure resource to justify the greenfield capex. That is why RN's control of the area through JV's or otherwise is critical to attracting competitive suitors. Love those Russians !.

So, a lot will depend on the actual mineral resources in the region AS A WHOLE, to see the attractiveness to PGM players, and whether it is sufficient to create a competition. Ultimately, the best deal to do when outright sale is weak is a carried interest in the revenue stream.