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Wednesday, November 19, 2014

Cliffs said to be mulling creditor protection in Canada, (NYSE: CLF)

Miner Cliffs Natural Resources Inc may file for creditor protection in Canada to insulate itself from closure costs and liabilities at its Canadian operations, analysts said.On Wednesday, Cliffs said it might have to close its Bloom Lake iron ore mine in Quebec at a cost of up to $700 million as it struggles to find funds to expand the project.The company's shares fell 18 percent to $8.37 in afternoon trading.Cliffs said last month that it was in talks with three big steelmakers about funding the $1.2 billion expansion of the mine.

Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF fell by 20.08% or $-2.05/share to $8.16. 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 25822934.