I agree that "anything is possible". What is incomprehensible is why would Xstrata pay megabucks now for control of an asset they could have easily outbid CLF for way back ? If you look at historic posts around the time of the FWR bidding, you will see this issue discussed a number of times.

I will certainly allow for the theoretical but somewhat paranoid possibility that X said to CLF "We won't bid, you get it cheap, and we make a deal later" . But not a chance of this in the real world. Let's face the reality, X is dominated by operators and financial risk managers, some of the best in major mining. But they would need absolutely everything , including construction and offtake marketing , risk managed to the nth before a final capital commitment. CLF is far more nimble and entrepreneurial and saw great future leverage in the control of the cr that ,IMHO, Xstrata simply missed or ignored.

I also believe Ontario, as mining friendly a jurisdiction as it is, would present serious complexities for Xstrata , not the least of which would be FN relationships.