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Friday, September 26, 2014

Australian miners showing interest in Cliff's assets -Bloomberg, (NYSE: CLF)

Miners, including Mineral Resources Ltd and Mount Gibson Iron Ltd, might be interested in the Australian assets of Cliffs Natural Resources Inc , Bloomberg said in a report on Friday. The assets could fetch as much as AUD$1 billion (US$876 million), Bloomberg reported, citing people with knowledge of the matter.Cliffs had been locked in a proxy battle with New York-based hedge fund Casablanca Capital, which owns 5.2 percent of the U.S. iron ore and coal producer's stock, and accused the company of destroying shareholder value.Casablanca eventually won the proxy battle when its slate of directors were elected to the company's board in July. Cliffs named Lourenco Goncalves as chief executive in August.Goncalves, who was the preferred CEO candidate of Casablanca, has said in a statement that he intended to refocus Cliffs "on a new strategic path" that builds on its strengths.

Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF fell by 4.37% or $-0.5/share to $10.94. In the past year, the shares have traded as low as $10.87 and as high as $28.98. On average, 6519160 shares of CLF exchange hands on a given day and today's volume is recorded at 13943989.