A significant insight on the NOT valuation/liquidity issue could be gained if we knew the answer to this question:

Why did Xtsrata not counter-bid against CLF for control of the RoF Cr ? Xstrata had more than legitimate strategic interest as a long term world swing producer of Cr. If they had gained control of FWR, they could ultimately have been in an enhanced position to acquire NOT. The question continues to plague me, because if the most logical suitors are not aggressive, who is going to come up with the billion or so we are looking for. The way NOT is headed, CLF could end up in a position to get NOT on the cheap if it simply kept nibbling away. It looks like we are headed to more dilution on the next PP, and while I want to add to a now tiny position, it seems a lot easier to let the big guys take the price down to wherever first. If other investors think like me, we may only see the price begin to rise after the next PP is done, whenever that might be. That may be giving the control group maximum incentive to just let the negative stuff drift the price downward for the foreseeable future.

Any further insights into Xta's absence would be appreciated.