Cliffs Natural Resources (CLF) says it plans to chop capital spending in 2014 by more than 50% to $375M-$425M from $862M for FY 2013, as it cuts back its Bloom Lake Mine expansion in Quebec and idles production at its Wabush Mine in eastern Canada.
CLF expects to produce and sell 5.5M-6.5M tons from Bloom Lake's first phase in 2014, in line with FY 2013 results.
With Wabush Mine costs unsustainably high, including Q4 2013 cash costs of $143/ton, CLF says it is not economically viable to continue running the operation.
CLF -0.7% AH.
Sent to 11,999 people who get email alerts on CLF.