Ring of Fire speculation ‘not helpful’: Cliffs

Aug 04, 2014 | 03:16 PM | Daniel Fitzgerald

Tags  Cliffs Natural Resources, William C. Boor, Ring of Fire, chromite, chrome ore, ferrochrome, Casablanca Capital, Daniel Fitzgerald

NEW YORK — Cliffs Natural Resources Inc. has described speculation over its Ring of Fire chromite interests as "not helpful," with the company claiming that it is "continuing to work" on building support for the project.

Speculation has been rife that if New York-based Casablanca Capital LP gains control of Cliffs’ board of directors (amm.com, July 30) it would lead to a divestment of non-iron-focused assets, such as the Ring of Fire chromite project, particularly in light of Cliffs’ suspension of development of the project in November (amm.com, Nov. 21).

Indeed, Toronto-based Noront Resources Ltd. told AMM last week that it would consider acquiring Cliffs’ Ring of Fire assets should the mining company’s management choose to divest them (amm.com, July 30). ....

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