Cliffs selling Ring of Fire exploration camp to Noront

Cliffs Natural Resources (CLF) is selling its exploration camp at northern Ontario's Ring of Fire mineral belt to junior miner Noront Resources (NOSOF), indicating it has little desire to spend more money in the region any time soon.

CLF stopped work on its $3.3B Chromite project in the Ring last November; CLF also is dealing with an activist shareholder, excess debt and problems at its Bloom Lake mine in Quebec that require immediate focus.

With CLF moving on, Noront is the province’s best hope for development of the Ring of Fire, which could hold $60B worth of minerals.

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Comments (4)
  • Fanebrb
    , contributor
    Comments (663) | Send Message
    CLF's PT?
    25 May 2014, 01:34 AM Reply Like
  • Retired and loving it
    , contributor
    Comments (689) | Send Message
    So the mine goes back to the original developer. CLF walking away pretty much says all that is needed to be said on its feasibility.
    26 May 2014, 12:06 PM Reply Like
  • chunghk
    , contributor
    Comments (345) | Send Message
    CLF-Endless fight Gary & Dropping; low iron ore demand cum price; human intervention and manipulation. Range $16-$20; highest $23; no $32; certainly $38-$45 under microscope; $46 beyond on moon surface. Under Chinese acupuncture, very slow recovery. Western aggressive medication helpless. God bless. Thanks.
    26 May 2014, 01:54 PM Reply Like
  • Fanebrb
    , contributor
    Comments (663) | Send Message
    Will the class action lawsuit announced 5/22/14 by Pomerantz Law Firm push CLF higher?
    27 May 2014, 10:15 AM Reply Like
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