Cliffs Iron Assets Said to Draw Interest From Australian Miners

at Bloomberg – The Australian companies are weighing bids for the iron ore mines in Western Australia state that may be valued at as much as A$1 billion ($880 million), said the people, asking not to be identified as the details are private. Cliffs, whose new board is under pressure from activist investor Casablanca Capital LP to divest some mines, last month sold its stake in Canadian graphite mine developer Zenyatta Ventures Ltd. It has also decided to sell its majority holding in a Canadian nickel project part-owned by First Point Minerals Corp. Lourenco Goncalves took over as chief executive officer in August and has said he intends to sell Cleveland-based Cliffss foreign mining assets and its U.S. Iron ore prices have slumped 42 percent in 2014 to a five-year low after Australian producers expanded low-cost output, spurring a global surplus as economic growth slowed in China.
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