Noront eyeing Cliffs’ chromite assets

Jul 30, 2014 | 03:18 PM | Daniel Fitzgerald

Tags  Noront Resources, Cliffs Natural Resources, Casablanca Capital, Ring of Fire, chromite, Eagle's Nest, Blackbird, Alan Coutts Daniel Fitzgerald

NEW YORK — Noront Resources Ltd. would consider acquiring Cliffs Natural Resources Inc.’s chromite assets in the Ring of Fire region of northern Ontario should the mining company’s management choose to divest them.

New York-based hedge fund Casablanca Capital LP, which has claimed victory in its months-long battle to secure a majority of Cliffs’ 11 director positions (, July 30), previously vowed it would explore a sale of the Cleveland-based miner’s non-iron-focused assets if it gained control (, June 26).

Toronto-based Noront has "been keeping an eye" on the situation at Cliffs in light of the proposed asset divestment, president and chief executive officer Alan Coutts told AMM. ....

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