Cliffs Natural Resources (CLF.N) has agreed to buy Canada's Consolidated Thompson Iron Mines (CLM.TO) for C$4.07 billion ($4.1 billion), aiming to expand its capacity to feed Asia's appetite for iron ore. The Cleveland, Ohio-based iron ore and coal miner said it wants to be able to cater to booming markets like China and India that are undergoing rapid urbanization. Tuesday's deal came as a months-long battle to take over Baffinland Iron Mines (BIM.TO) and its massive ore deposit in Canadian Arctic nears a climax. Baffinland and Consolidated have grown more attractive as the price of iron ore, a raw material used in steelmaking, pushes toward an all-time high.
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