Closing the mine will cost $650 million to $700 million over the next five years.
A Canadian region once touted as Ontario's answer to the oil sands will not be developed anytime soon- according to the CEO of a major stakeholder.
About 500 workers will lose their job.
The miner said the move was driven by its revised pricing outlook and adverse market conditions.
Quebec judge wouldn't dismiss $900 million lawsuit.
The new repurchase program will remain active until Dec. 31, 2015.
Casablanca Capital-backed Lourenco Goncalves (55) is also the new chairman of the board.
The fund, with just a 5.2% stake in Cliffs, has vowed to sell or spin the miner's international operations.
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.
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