Cliffs buying Canadian chromite deposits

Nov 23, 2009 | 08:06 AM | Tom Jennemann

Cliffs Natural Resources Inc. has agreed to buy the "Ring of Fire" chromite properties of Freewest Resources Canada Inc.

Cleveland-based Cliffs will acquire interests in three chromite deposits—100 percent of Black Thor and Black Label and 50 percent of Big Daddy—in northern Ontario and spin off Freewest's non-chromite assets into a new company called New Freewest run by Freewest's board and management.

Montreal-based Freewest values the deal at Canadian $150.6 million ($142.8 million), or C70 cents (66 cents) per Freewest share. Completion of the transaction is subject to approval by Freewest shareholders and court approval.....

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