Seeking Alpha

Cliffs Natural Resources to cut 2014 capex by more than half

  • 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.
Comments (2)
  • chunghk
    , contributor
    Comments (299) | Send Message
     
    CLF - Right decision. Stock price appears stable, range bound $20 to $26, those "bagged" investors need patience. Optimistic investors eager for $30 to $35, please no hurry, wait. Thanks.
    11 Feb, 07:29 PM Reply Like
  • lsuavecito
    , contributor
    Comments (414) | Send Message
     
    Latch onto those 5-7 year bonds with an approx. 6% YTM.
    11 Feb, 09:37 PM Reply Like
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