we may or may not have a new holder building a position in plv....

we may or may not have a new holder building a position in plv. if so, does anyone think it will be the jct? would seem like they're showing their hand rather earlier if that is the case. and i also note cliffs have allowed themselves to be diluted from an initial 19.9% holding when plv acquired irvine island in exchange for new equity in the company and royalty from mining. does this cast doubt over cliffs as a potential suitor?