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Wednesday, November 19, 2014

Cliffs may close Canada's 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 at a cost of $600 million to $700 million as it struggles to find investment to expand the project.The company's shares fell as much as 17 percent in morning trade.Cliffs said last month that it was in talks with three "big steelmakers" over funding the $1.2 billion expansion of the mine, which currently has more than 500 employees.The expansion was expected to double Bloom Lake's capacity to 14 million tons per year.

Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF fell by 13.61% or $-1.39/share to $8.82. 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 14624448.