Baosteel, or should I say Baowu, I believe still has an 80 cent average on all stock they own in Noront; 6% control. I should think that the current offer of 0.55 / share does not sit well with them. They would probably like to see their money back and then some. However, loss such as this can be written off in the larger scheme of things if those in control of Noront assure them of discount offtake agreements to make up for any losses incurred. At 6% control they still have a voice, and with the Chinese connection attached they will be listened to...There is no doubt. 

I am still undecided as to what this is all going to morph into...But my thoughts and questions are as follows:

1) With National Security at the center of the Ring of Fire is this all  about control of off take, and less about foreign ownership?

2) Is all the opposition from Neskantaga for show, manipulation and/or diversion from the E/W road? They, along with the other Matawa communities, are receiving what they need from our government...Schools, water treatment plants, broadband, housing...Are we now waiting for an IBA, and an already approved E/W road to be announced that takes care of what the want?...Partnership/Ownership/$$$

3) Will Baowu make a bid at the .80 + / share mark to trigger the threat of Chinese ownership of the Ring? Now that our government and First Nations seem comfortable in their silence about it's foreign ownership & Will the US have something to say if this happens? Especially if Trudeau says nothing.

4) OK...Let's talk about a suitable domestic owner. One with a good track record in North America, and poses the least threat to National Security, and will help North America and all it's FN people prosper...One who, just like Wyloo and BHP, secretly owns Noront stock under that 19.9% mark, so as to stay hidden until they make themselves known...Will it be...

A) Glencore

B) Vale

C) Teck

D) Rio Tinto

Or  E) Cliffs

5) Can the approval of the Eagle's Nest be done quicker if all this other derisking goes away, and everyone finally is on the same page? And ...Will Noront stay Noront when the dust settles? Will this threat of ownership go away? Will we be owned by a domestic major? Will there be a Matawa partnership formed with Noront?

With all this chum now visible in the water the sharks must be circling; insert: Jaws duh, duh sounds.

TM.