Cliffs halts chromite project indefinitely

Nov 21, 2013 | 12:36 PM | Daniel Fitzgerald

Tags  Cliffs Natural Resources, chromite, chrome, ferrochrome, Bill Boor, Ring of Fire, Daniel Fitzgerald

NEW YORK — Cliffs Natural Resources Inc. will indefinitely suspend its chromite project in northern Ontario’s Ring of Fire by the end of 2013.

"(Cliffs) will not allocate additional capital for the project, given the uncertain timeline and risks associated with the development of necessary infrastructure to bring this project online," the Cleveland-based company said Nov. 20.

"We continue to believe in the value of the mineral deposits and the potential of the Ring of Fire region for northern Ontario. As we’ve assessed the current challenges in the region and the costs to continue on the current path, we decided to suspend the chromite project indefinitely," Cliffs senior vice president of strategy and business development Bill Boor said in a statement. ....

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