Cliffs Continues Sell-Off Of Certain Properties

Filed under: U.P. News Updates |
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GLR News Update

Marquette, MI – (Great Lakes Radio News) – Cliffs Natural Resources is continuing the selling off of certain properties in their North American holdings in an overall effort to focus on iron ore production.

According to a statement released today, Cliffs has entered into a definitive agreement to sell its chromite assets in Northern Ontario, Canada to Noront Resources Ltd. for a sale price is for $20 million.

The transaction is comprised of the chromite deposits and associated claims held by Cliffs.

The firm says Noront is an experienced mining company with a strategic interest in Canada’s Ring of Fire region.

The sale of the assets is in line with Cliffs’ current strategy to sell non-core assets and focus on being the major supplier of iron ore pellets to the North American steel industry.

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