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."
Cliffs Natural Resources Inc (CLF.N:Quote) reported more than a five-fold increase in first-quarter profit as demand and prices for its iron ore and steel-making coal soared.Net earnings were $423 million, or $3.11 per share, compared with $77 million, or 57 cents per share in the quarter a year earlier. Revenue rose 63 percent to $1.2 billion, the Cleveland-based company said on Thursday.
Consolidated Thompson Iron Mines announced that Cliffs Natural Resources has received approval under the Investment Canada Act for completion of the plan of arrangement pursuant to which Cliffs will acquire all the outstanding common shares of CLM.
The closing of the Arrangement remains subject to certain other customary conditions, including obtaining approval of the MOFCOM filing with the Anti-Monopoly Bureau of the Ministry of Commerce of the People's Republic of China.
Altius Minerals made a profit of $69.3 million, or $2.38 per share, in the three months ending January 31 — the Canadian iron ore producer's third quarter. That compares to a $102,000 loss in the same period last year. Quarterly revenues were 1.1 million versus $912,000 for the previous year's Q3.
Altius also gained $84.6 million after transferring its 100% interest in the Kami iron ore property to Alderon Resources Corp. in exchange for 32.3 million shares of Alderon.
Financial Post mining writer Peter Koven inteviews Bill Boor, president of ferroalloys at Cliffs Natural Resources Inc., at this week's PDAC conference. The topic? Securing a massive supply of power to the remote Ring of Fire development.
Consolidated Thompson's shares dropped two cents to close at $17.11 on Friday after the company announced its shareholders have approved the friendly takeover by Cliffs Natural Resources Inc.
Under the deal, made public in mid-January, Cliffs Natural Resources acquired Consolidated Thompson for CDN$4.9 billion (US$4.6 billion) or C$17.27 in cash per common share. The transaction is expected to close in the second quarter.
Cliffs Natural Resources CEO says the growth in profits came on the back of the group's move to increase exposure to global pricing for its output.
The iron ore market will never be as a sexy as its gold and silver counterparts; it’s much more about hard hats and dirty Dodge RAM 3500 trucks – you know, the ones that can pull big fishing boats up mountainsides, something I did just this past weekend.
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