Cliffs Natural Resources Inc.
) has announced that it is temporarily suspending the
environmental assessment activities for its Chromite Project in
the "Ring of Fire" region of Northern Ontario due to certain
Cliffs, which is among the prominent players in the mining
industry along with
Newmont Mining Corp
), cited a number of issues that were responsible for the
suspension of the environmental assessment process for the
These issues include delayed approval of the Terms of
Reference for the provincial Environmental Assessment (EA)
process, unresolved land surface rights issues, unfinished
agreements with the Government of Ontario that are crucial to the
project's economic viability and uncertainty regarding the
federal EA process due to the current judicial challenge by a
number of the impacted First Nations. Once these issues are
resolved, Cliffs will go ahead with the project.
Cliffs is an international mining and natural resources
company, a major global iron ore producer and a significant
producer of high- and low-volatile metallurgical coal. The
company released its first-quarter 2013 results in Apr 2013.
Cliffs posted adjusted earnings of 60 cents per share in the
quarter, down 29.4% from 85 cents earned in the year-ago quarter
but ahead of the Zacks Consensus Estimate of 32 cents. The
adjusted earnings exclude a tax benefit of 6 cents per share.
On a reported basis, Cliffs' earnings were 66 cents per share
compared with $2.63 reported in the year-ago quarter. Weak iron
ore pricing coupled with lower volume hurt Cliffs' earnings in
Sales for the quarter came in at $1,140.5 million, down
roughly 5.9% from $1,212.4 million in the prior-year quarter and
also missed the Zacks Consensus Estimate of $1,226 million.
Decline in global iron ore sales volumes led to reduced sales in
Cliffs currently retains a Zacks Rank #3 (Hold).
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