Struggling US-based iron ore miner Cliffs Natural Resources (NYSE: CLF) may close its Bloom Lake iron ore mine in northeastern Quebec, as it bids farewell to Canada.
Cliffs’ new president and CEO Lourenco Goncalves was quoted by the Globe and Mail as saying, “I’m walking away from Canada big time – Canada for Cliffs has not been a good thing.”
Goncalves took the helm of the company in August, as part of a board shake-up by activist investor Casablanca Capital, which argued Cliffs should focus on its profitable US core iron ore assets, and spinoff its foreign projects to boost shareholder returns.
The Cleveland-headquartered firm recently reported it was pursuing “exit options” for its Eastern Canadian iron ore projects.
Read the complete article at NorthernMiner.com/news/bloom-lake