Cliffs To Sell Its Chromite Assets In Canada - Quick Facts

(RTTNews) - Cliffs Natural Resources Inc. (CLF) announced an agreement to sell its Chromite assets in Northern Ontario, Canada to Noront Resources Ltd. for $20 million. The transaction is comprised of the chromite deposits and associated claims held by Cliffs. The company said the sale of these assets demonstrates execution of its strategy which includes divesting non-core assets and focusing on being the major supplier of iron ore pellets to the North American steel industry.

Noront Resources said the transaction includes the acquisition of approximately 103 claims currently owned by Cliffs Chromite Ontario Inc. and Cliffs Chromite Far North Inc., both indirect subsidiaries of Cliffs Natural Resources Inc., which hold mining claims in the Ring of Fire mining district. Upon closing, Noront will hold a total of approximately 360 mining claims and roughly 65% of the emerging mining camp known as the Ring of Fire, located 500 kilometres northeast of Thunder Bay.