Cliffs delays Black Thor chromite project again

Oct 26, 2012 | 12:37 PM | Thorsten Schier

Tags  Cliffs Natural Resources, chromite, Black Thor, Joseph Carrabba, ferrochrome, Thorsten Schier

NEW YORK — Cliffs Natural Resources Inc.’s Black Thor chromite project in northern Ontario could start up two years later than initially expected as the company looks to cut capital spending due to weak iron ore prices, its top executive said.

"Despite the significant potential this project has for the company’s future, in light of the current iron ore pricing environment, we are reviewing (its) time line. This includes delaying the major capital spending outlays and could push the production target date beyond 2017," chairman, president and chief executive officer Joseph Carrabba said during the company’s third-quarter earnings call.....

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