CLEVELAND, March 23, 2015 /PRNewswire/ -- Cliffs Natural
Resources Inc. (NYSE: CLF) is pleased to announce that it
has entered into a definitive agreement to sell its Chromite assets
in Northern Ontario, Canada to
Noront Resources Ltd. for $20
million. The transaction is comprised of the chromite
deposits and associated claims held by Cliffs.
The sale of these assets to Noront, an experienced mining
company with a strategic interest in the Ring of Fire region,
further demonstrates execution of Cliffs' strategy which includes
divesting non-core assets and focusing on being the major supplier
of iron ore pellets to the North American steel industry.
Moelis & Company acted as financial advisor to Cliffs
Natural Resources Inc.
About Cliffs Natural Resources Inc.
Cliffs Natural
Resources Inc. is a leading mining and natural resources company in
the United States. The Company is
a major supplier of iron ore pellets to the North American steel
industry from its mines and pellet plants located in Michigan and Minnesota. Cliffs also operates an iron ore
mining complex in Western
Australia. Additionally, Cliffs produces low-volatile
metallurgical coal in the U.S. from its mines located in
Alabama and West Virginia.
Driven by the core values of safety, social, environmental and
capital stewardship, Cliffs' employees endeavor to provide all
stakeholders operating and financial transparency.
Forward-Looking Statements
This release contains
forward-looking statements within the meaning of the federal
securities laws. Although Cliffs believes that these
forward-looking statements and the underlying assumptions are
reasonable, we cannot assure you that they will prove to be
correct. Forward-looking statements involve a number of risks and
uncertainties, and there are factors that could cause actual
results to differ materially from those expressed or implied in our
forward-looking statements. These risk factors include without
limitation: our ability to successfully execute an exit
option for our Bloom Lake mine that minimizes the cash outflows and
associated liabilities of our Canadian operations including the
Companies' Creditors Arrangement Act (Canada) process; trends affecting our
financial condition, results of operations or future prospects,
particularly the continued volatility of iron ore and coal prices;
our actual levels of capital spending; availability of capital and
our ability to maintain adequate liquidity and successfully
implement our financing plans; uncertainty or weaknesses in global
economic conditions, including downward pressure on prices, reduced
market demand and any slowing of the economic growth rate in
China; our ability to successfully
identify and consummate any strategic investments and complete
planned divestitures; the outcome of any contractual disputes with
our customers, joint venture partners or significant energy,
material or service providers or any other litigation or
arbitration; the ability of our customers and joint venture
partners to meet their obligations to us on a timely basis or at
all; our ability to reach agreement with our iron ore customers
regarding any modifications to sales contract provisions; the
impact of price-adjustment factors on our sales contracts; changes
in sales volume or mix; our actual economic iron ore and coal
reserves or reductions in current mineral estimates, including
whether any mineralized material qualifies as a reserve; the impact
of our customers using other methods to produce steel or reducing
their steel production; events or circumstances that could impair
or adversely impact the viability of a mine and the carrying value
of associated assets, as well as any resulting impairment charges;
the results of prefeasibility and feasibility studies in relation
to projects; impacts of existing and increasing governmental
regulation and related costs and liabilities, including failure to
receive or maintain required operating and environmental permits,
approvals, modifications or other authorization of, or from, any
governmental or regulatory entity and costs related to implementing
improvements to ensure compliance with regulatory changes; our
ability to cost-effectively achieve planned production rates or
levels; uncertainties associated with natural disasters, weather
conditions, unanticipated geological conditions, supply or price of
energy, equipment failures and other unexpected events; adverse
changes in currency values, currency exchange rates, interest rates
and tax laws; our ability to maintain appropriate relations with
unions and employees and enter into or renew collective bargaining
agreements on satisfactory terms; risks related to international
operations; availability of capital equipment and component parts;
the potential existence of significant deficiencies or material
weakness in our internal control over financial reporting; problems
or uncertainties with productivity, tons mined, transportation,
mine-closure obligations, environmental liabilities,
employee-benefit costs and other risks of the mining industry; the
satisfaction of the conditions precedent to completing the Exchange
Offers, including refinancing the existing credit facility,
entering into the ABL Facility and the completion of the offering
of the New First Lien Notes, and our ability to consummate any or
all of the Exchange Offers; and other factors and risks that are
set forth in the Company's most recently filed reports with the
U.S. Securities and Exchange Commission. The information contained
herein speaks as of the date of this release and may be superseded
by subsequent events. Except as may be required by applicable
securities laws, we do not undertake any obligation to revise or
update any forward-looking statements contained in this
release.
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SOURCE Cliffs Natural Resources Inc.