- 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.
at Zacks.com (Nov 5, 2014)