The activist investor squaring off with Cliffs Natural Resources Inc named its preferred candidate for chief executive officer on Wednesday and said it plans to nominate enough new directors to form a majority of the iron ore miner's board.Hedge fund Casablanca Capital, which owns about 5.2 percent of Cliffs, said it is backing Lourenco Goncalves, former CEO of Metals USA, to take the top job at hard-hit Cliffs.Last month Casablanca publicly urged Cliffs to spin off its international operations and form a master limited partnership from its U.S. assets, but the fund declined to say what its next steps would be if Cliffs refused.Cliffs defended its incoming chief executive Gary Halverson in a release on Wednesday afternoon, saying the former Barrick Gold Corp executive was chosen for "deep international and large scale mining industry leadership experience."
Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. Shares of ABX fell by 3.07% or $-0.6/share to $18.97. In the past year, the shares have traded as low as $13.43 and as high as $33.36. On average, 15426500 shares of ABX exchange hands on a given day and today's volume is recorded at 18588110.
Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. Shares of ABX fell by 3.48% or $-0.75/share to $20.81. In the past year, the shares have traded as low as $14.22 and as high as $33.38. On average, 3604960 shares of ABX.TO exchange hands on a given day and today's volume is recorded at 3465651.
Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF traded higher by 2.28% or $0.49/share to $21.99. In the past year, the shares have traded as low as $15.41 and as high as $31.20. On average, 8092570 shares of CLF exchange hands on a given day and today's volume is recorded at 13027530.
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