Cliffs finally offloads Australian asset

摘要

US miner Cleveland-Cliffs said Tuesday it has agreed the sale of its Asia Pacific Iron Ore business in Australia, which was undergoing closure, to Australian developer Mineral Resources Ltd. Cliffs, which is refocusing on US iron ore mining and sales only, said the costs of closing the Australian operations are expected to be reduced by $65 million-$75 million. This is based on Mineral Resources assuming certain obligations and Cliffs reaching negotiated settlements with other third parties. US iron ore pellet producer Cliffs was reported to be shipping its last iron ore from Koolyanobbing via the Western Australia port of Esperance by the end of June.