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Wednesday, November 19, 2014

Cliffs may close Bloom Lake iron ore mine, (NYSE: CLF)

Cliffs Natural Resources Inc said it may have to close its Bloom Lake iron ore mine in Quebec, weeks after it revealed that three "big steelmakers" were in talks to invest in the project.Cliffs' announcement that it was looking to exit its Eastern Canadian iron ore operations sent its shares down about 12.7 percent to $8.91 in premarket trading."Despite the continued interest of the prospective equity partners in Bloom Lake ... the potential investment is not achievable within a time frame acceptable to Cliffs," Chief Executive Lourenco Goncalves said in a statement on Wednesday.Goncalves, who took charge in August after Cliffs lost a proxy battle with hedge fund Casablanca Capital, wants the company to narrow its focus to five iron ore mines in Michigan and Minnesota.

Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF fell by 5.9% or $-0.64/share to $10.21. In the past year, the shares have traded as low as $7.00 and as high as $28.12. On average, 11088400 shares of CLF exchange hands on a given day and today's volume is recorded at 13277610.