Cliffs Natural Resources Inc and miner Anglo American Plc will sell their Amapa iron ore operation in Brazil to a single entity, the largest producer of iron ore pellets in North America said on Thursday. At least four companies including Glencore International Plc , Russia's Severstal and Australia's Centaurus Metals Ltd were in the race to purchase Anglo American's 70 percent stake in the operation, Reuters reported on Nov. 2.An internal valuation by Anglo American last year put the value of Amapa, in which Cliffs has a 30 percent stake, at $1.5 billion.Cliffs did not name any potential buyer or the price it expected for its stake. However, the company said the value of Ampala needed to be adjusted to "reflect the fair value of our investment."The company will take a related charge of about $380 million to $420 million for the year ended Dec. 31, it said in a filing. ()
Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF fell by 1.65% or $-0.64/share to $38.17. In the past year, the shares have traded as low as $28.05 and as high as $78.85. On average, 8268860 shares of CLF exchange hands on a given day and today's volume is recorded at 5834378.
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