Cleveland-Cliffs Selling Australian Iron Ore Assets
“The sale of these assets to Mineral Resources marks Cliffs’ exit from the Australian iron ore business, and represents the final step in the implementation of our U.S. iron ore-centric strategy,” said Lourenco Goncalves, Cliffs’ chairman, president and CEO. “We are pleased to have reached an agreement on a transaction that not only brings real value to Cliffs shareholders, but also represents the potential for continued job opportunities for employees in Western Australia who would be impacted by the pending closure of the Koolyanobbing complex.”
The transaction is expected to close before the end of the second quarter of 2018, subject to certain conditions precedent being achieved. Cliffs said the deal is structured as a sale of the following assets and assumption of certain related liabilities: mining tenements, mine facility assets, port assets and the benefit of certain contracts.