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Cliffs Natural Resources

NEWS RELEASE: Cliffs Natural Resources Inc. Announce Plans to Halt Development of its Chromite Project Indefinitely

CLEVELAND – Nov. 20, 2013 – Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) announced today that its affiliate, Cliffs Chromite Ontario Inc., will suspend indefinitely its Chromite Project in Northern Ontario by the end of the fourth quarter of 2013. The Company determined that it will not allocate additional capital for the project given the uncertain timeline and risks associated with the development of necessary infrastructure to bring this project online. In June of this year, Cliffs suspended the environmental  assessment activities because of pending issues impeding the progress of the project.

“We continue to believe in the value of the mineral deposits and the potential of the Ring of Fire region for Northern Ontario. As we’ve assessed the current challenges in the region and the costs to continue on the current path, we decided to suspend the Chromite Project indefinitely,” said Bill Boor, senior vice president, strategy & business development. “Unfortunately, we will reduce the project team staffing and close our Thunder Bay and Toronto offices as well as the exploration camp site. We understand this is a hardship for our employees and their families. During this transition, we will be working with this talented team of professionals to explore other
opportunities at Cliffs.”

The Company stated that the technical project work including feasibility study, development and exploration activities are being halted and there is no restart date planned. Cliffs will continue its work with the Government of Ontario, First Nation communities and other interested parties to explore potential solutions related to the critical issue of infrastructure for the Ring of Fire region. The EA acitivities will remain suspended. The Company is supportive of the Province’s intention to form a Development Corporation structure for the financing and development of infrastructure, and intends to participate in future discussions.

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Politicians draw to Cliffs refinery site – by Jonathan Migneault (Northern Ontario Business – November 18, 2013)

Established in 1980, Northern Ontario Business provides Canadians and international investors with relevant, current and insightful editorial content and business news information about Ontario’s vibrant and resource-rich North.

Northeastern politicians have beating a steady path to the site of a potential ferrochrome refinery in an outlying area of Sudbury. Cliffs Natural Resources has had a continuous presence in Capreol, where it plans to build a ferrochrome processing facility, said councillor Dave Kilgour.

“Cliffs is in town almost all the time,” Kilgour said. “They’re moving forward and they’re spending money every day.” On Nov. 15, Kilgour joined local MPs Glenn Thibeault and Claude Gravelle, and MPP France Gelinas, on a tour of the proposed refinery site with Cliffs officials.

Gravelle said the site, located near the old Moose Mountain Mine, is remote and no major infrastructure has been been built but representatives from Cliffs did show him the plans for the plant. “They did seem very confident the project is going to move forward,” Gravelle said.

Conservative MPP and finance critic Vic Fedeli, representing Nipissing (North Bay) riding, also visited the proposed site, Nov. 12. “I can see why both Cliffs and the City of Greater Sudbury are excited for this project,” Fedeli said.

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Finding solutions as partners in Ring of Fire – by William Boor (Onotassiniik Magazine – Winter 2013/2014)

http://onotassiniik.com

Grads looking to political and mining company leaders for opportunities

William Boor is the Senior Vice President, Strategy & Business Development, Cliffs Natural Resources

The following is excerpted from a keynote address by Cliffs VP William Boor at the Ontario Mining Forum in Thunder Bay on June 20.

I think we have come to a time that will prove to be really critical in the history of the Ring of Fire development. …
I stand here talking tonight as a face of “industry” … (and) I know what comes with that. As “industry” I am expected to be self-interested for my company’s shareholders only, interested in keeping as much as possible, and by inference, giving as little as possible.…

But I’m asking you to hear me as a person – a person who believes that development, and particularly mining development, creates the possibility for everyone to succeed together. I believe that my position within industry is a wonderful place to change people’s lives.

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Cliffs still moving ahead with Ring of Fire plan – CBC Sudbury Points North (November 7, 2013)

  http://www.cbc.ca/pointsnorth/ Cliffs Natural Resources is responding to questions raised by competitor, KWG Resources. For the interview, click here: http://www.cbc.ca/pointsnorth/episodes/2013/11/07/cliffs-still-moving-ahead-with-ring-of-fire-plan/#.UnwWR8FJ_ws.twitter

Northerners climb to top of corporate ladders – by Carl Clutchey (Thunder Bay Chronicle-Journal – October 28, 2013)

Thunder Bay Chronicle-Journal is the daily newspaper of Northwestern Ontario.

Two multinational mining companies playing a significant role in Northwestern Ontario’s economy are being directed by former Northerners. Cliffs Natural Resources announced Friday that Sudbury native Gary Halverson is to become the company’s next president and CEO.

Halverson, 55, whose 30-year international career includes hands-on management of two gold mines in Timmins, is to assume his new position with Cliffs on Nov. 18. The CEO of Barrick Gold, which operates the renowned Hemlo deposit near Marathon, is Thunder Bay native and Lakehead University commerce graduate Jamie Sokalsky.

Halverson earned an MBA degree at Athabasca University, near Edmonton, after obtaining a metallurgy engineering degree from Michigan Technological University, on the south shore of Lake Superior.

Cleveland-based Cliffs is in the process of doing pre-development work on a proposed chromite mine in the heart of the Ring of Fire mining belt 500 kilometre northeast of Thunder Bay.

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News Release: Cliffs Natural Resources Inc. Announces the Appointment of New President and Chief Operating Officer

– Gary B. Halverson to Join the Company and Elected as New Director

– James Kirsch Named Executive Chairman of the Board

CLEVELAND, Oct. 25, 2013 /PRNewswire/ — Cliffs Natural Resources Inc.(NYSE: CLF) (Paris: CLF) announced today that its Board of Directors has appointed Gary B. Halverson, 55, formerly interim chief operating officer of Barrick Gold Corporation Inc., to the newly created position of president and chief operating officer, effective Nov. 18, 2013. In addition, he will be serving as a director on Cliffs’ Board. With the addition of Mr. Halverson and the previously announced retirement of Joseph Carrabba, Cliffs’ Board will be comprised of a total of 11 directors.

(Logo: http://photos.prnewswire.com/prnh/20101104/CLIFFSLOGO)

Cliffs’ Board also announced that James Kirsch, non-executive chairman of the Board, has been elected executive chairman of the Board, effective Nov. 18, 2013. As part of Cliffs CEO succession planning, the Company formed the Office of the Chairman led by Mr. Kirsch to manage the leadership transition. Over the coming months, his focus will be to refine the Company’s long-term strategy and continue to provide continuity during the leadership transition. This will provide Mr. Halverson the opportunity to build a deep understanding of the business at an operating level before assuming the CEO leadership position.

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COMMENT: Cliffs threatens pull out of Ring of Fire – by Marilyn Scales (Canadian Mining Journal – October 22, 2013)

Marilyn Scales is a field editor for the Canadian Mining Journal, Canada’s first mining publication. She is one of Canada’s most senior mining commentators.

I can hear it now: “I told you so” from nationalists who believe nothing good ever comes from letting a foreign corporation take over a Canadian miner or junior. After all, it seems as soon as Vale bought Inco, a year long strike began bristling with the animosity Inco had tried so hard to defuse in recent years between itself and the unions.

The nationalist chorus is likely to increase in volume as Cliffs Natural Resources of Cleveland, OH, says it is thinking of pulling out of the Big Daddy chromium-PGM-nickel project in Ontario’s Ring of Fire. Cliffs gained a 70% interest in the project in 2010 when it swallowed Freewest. The remaining 30% is owned by KWG Resources of Toronto.

Since the Ring of Fire in the James Bay region has no infrastructure, developing any mine there will be a massively expensive undertaking. Not the least of the costs will be a means of transportation for concentrates headed to deep water ports. Here, opinions differ – should a railroad or an all-weather road be built?

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