The firm is halting its Pinnacle metallurgical coal mine in West Virginia for at least six months, unless market conditions improve.
The government has set aside a maximum of $20 million from its Northern Plan Fund to estimate costs and define the best railway option for the iron-ore rich region.
The province is asking the Federal government to match the funds.
Vale calls it 'Canada's mine of the future.'
The miner's negotiations with one of its major shareholders has turned ugly.
'Sharper capital allocation must drive our decisions,' CEO Gary Halverson said.
The company is using its position as one of the biggest share holders to push for some major changes.
RBC Capital Markets says Cliffs made the right decision.
Effective Nov. 18.
In a Sept. 10 ruling the miner was told it cannot build a road to its US$3.3-billion chromite project through a Canadian junior's mining claims.
Cliffs Natural Resources suspends its chromite project while it negotiates with government.
Goldman Sachs sees significant earnings declines at world number two miner.
Cliffs Natural Resources (NYSE:CLF), U.S.’ s largest producer of iron-ore pellets, said Monday it would delay mine expansion in Quebec as well as a portion of production at two of its operations in the U.S., as a result of weak commodity prices.
An American company planning to invest $3.3 billion on a Northern Ontario mine and processing plant has waded into the latest front in a countrywide battle over environmental issues and aboriginal rights, a mining consultant says.
Despite a drop in net income in the fourth quarter, Cliffs Natural Resources (NYSE:CLF) is reporting a record profit of $1.6 billion, or $11.48 a share – a 59% increase from a year ago.
Cliffs Natural Resources Inc. (CLF) said it will dissolve its Michigan iron nuggets joint venture with Kobe Steel (KBSTY) as coal and iron-ore producer Cliffs looks to focus on its core business.
Cliffs Natural Resources Inc., a US iron ore and coal producer, is anticipating lower prices and volumes of iron ore shipped in the fourth quarter.
Diversified miner Cliffs Natural Resources has budgeted $1-billion for capital expenditure in 2012, with more than half going into its Canadian iron-ore operations.
Cliffs Natural Resources, an Ohio-based mining giant, is preparing to extract what is estimated to be one of the world’s largest chromite discoveries in an ecologically sensitive part of northern Ontario, about 500 kilometres northeast of Thunder Bay. Continue reading …
Cliffs Natural Resources was down about 7% in mid-day trading after the Cleveland-based company announced plans yesterday to sell and idle its biomass production facility in Michigan.
Cliffs said it will take a $30 million charge in the third quarter as a result of the decision, while adding it will make efforts to reassign the 30-odd employees of renewaFUEL to other positions in the company.
Newfoundland-based Altius Minerals has expanded its exploration agreement with number-one US iron-ore miner Cliffs Natural Resources to include a new project in northern Labrador, it said on Monday.
Image of serpentinized ultramafics with Cr pods in the Pipestone Pond area, by Altius Minerals
Cliffs Natural Resources Inc. (NYSE:CLF) announced today that regulatory agencies have denied a submitted remediation plan designed to address detected levels of carbon monoxide at the company's Pinnacle Mine in West Virginia. The plan would have allowed the company to resume underground mining operations at its Pinnacle Mine in West Virginia which were stopped in late May due to the detected levels of carbon monoxide.
The Montreal Gazette reports:
About two dozen non-unionized workers have walked off the job in a remote mining camp in northern Ontario — in an area known as the Ring of Fire — in protest of what they call unsafe conditions and unsatisfactory compensation.
The workers put out a statement late Sunday saying they had stopped working over the weekend.
Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today announced that it is offering to sell, subject to market and other conditions, 9,000,000 common shares through an underwritten offering. In connection with the offering, the underwriters have been granted an over-allotment option to purchase an additional 1,350,000 common shares.
Cliffs Natural Resources announced Thursday it will reduce its outlook from 6.5 million tons of coal this year to 5.1 million tons, citing severe weather damage at its Oak Grove mine in Alabama and carbon monoxide hazards in its Pinnacle mine in West Virginia.
The company also said its newly acquired Bloom Lake operation will yield 4.8 million tons of iron ore concentrate this year.
Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today announced it has been added to the Fortune 500 list 2011, Fortune Magazine's annual ranking of America's largest companies by revenue. Cliffs is ranked at No. 477, with annual revenues of $4.7 billion for 2010.
"We are pleased to attain this ranking in the prestigious Fortune 500," said Joseph A. Carrabba, Cliffs' chairman, president and chief executive officer. "We consider it another significant milestone in our growth."
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