Cliffs wants out of the Ring of Fire.
Position | Cliffs Natural Resources, KWG Resources |
Cliffs Natural Resources is considering selling its Ring of Fire chromite properties, and a Toronto junior miner operating in the remote region of Ontario said it's arranging the financing to take control of the project.
KWG Resources president-CEO Frank Smeenk told the Globe and Mail newspaper he has discussed a transaction with new Cliffs boss Lourenco Goncalves, who is eager to sell the dormant Far North project as the new corporate blood at the Ohio miner looks to divest itself of its international projects and focus on its core U.S. iron assets.
Smeenk declined to tell the newspaper of his source of funding, but he expects it to be in place very soon.
Goncalves was named chairman, president and CEO on Aug. 7 after a New York hedge fund, Casablanca Capital, toppled management in a proxy battle. He replaced Gary Halverson, a Sudbury native, as CEO.
Smeenk had met with Casablanca officials at Cliffs' annual shareholders meeting in July and pitched the concept of a partnership with the fund with KWG being the development vehicle in the Ring.
Earlier this week, rumours began circulating that Cliffs had sent a letter to First Nation chiefs that it was considering selling its chromite properties in the James Bay region.
A Cliffs spokeswoman categorized those rumours as "not accurate," adding the letter was sent only to the Marten Falls First Nation band, a remote community near the exploration camps.
The spokeswoman said the letter was intended to provide Martin Falls with a business update.
"It did note that Cliffs is exploring alternatives for the chromite project," she said.
The letter, obtained by the Globe, included a statement from Cliffs' vice-president of corporate development, Bill Boor, that indicated a...
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