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Cliffs Natural Resources to Sell Canadian Chromite Assets
03/23/2015 - Cliffs Natural Resources Inc. has entered into a definitive agreement to sell its Chromite assets in Northern Ontario, Canada, to Noront Resources Ltd. for CA$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.
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.
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