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'You can run but you can't hide,' Cleveland-Cliffs CEO tells analyst

By: Bloomberg     19th October 2018 Cleveland-Cliffs CEO Lourenco Goncalves isn’t a fan of the Goldman Sachs Group analyst who covers his company. As shares of the largest US iron-ore producer fell as much as 10% Friday, Goncalves closed his analyst call by specifically calling out Goldman’s Matthew Korn. The CEO questioned Korn... 

Elementos ups Tasmania project's tin/copper resources

By: Mariaan Webb     26th September 2018 ASX-listed Elementos has increased the Cleveland project’s tin resource estimate by 168% and the copper estimate by 164%, following a revised Joint Ore Reserve Committee study. The openpit resource now contains 17 955 t of tin and 4 624 t of copper, the owner of the Tasmania-based project... 

Cleveland-sized mine signals the path for an oil-sands revival

By: Bloomberg     12th September 2018 A colossal Canadian oil-sands project may be showing the way forward for an industry many thought would never see new investments. In a forest clearing roughly the size of Cleveland, building-sized trucks dump tons of oily soil into a massive crushing facility, while conveyors move the dirt on... 

Cleveland-Cliffs exits Australian iron-ore

By: Mariaan Webb     12th June 2018 Iron-ore pellet producer Cleveland-Cliffs has reached the final step in the implementation of its US iron-ore-centric strategy with the announcement on Tuesday that it would sell its Australian iron-ore business. The Cleveland, Ohio-based firm has reached an agreement with Australian mining... 

Cliffs delivers second consecutive year of +25% Ebitda growth

By: Henry Lazenby     25th January 2018 US iron-ore company Cleveland-Cliffs has delivered on promises to aggressively drive up growth in its earnings before interest, tax, depreciation and amortisation (Ebitda) metric, reporting growth greater than 25% for the second consecutive year. Based in Cleveland, Ohio, the company reported... 

Cleveland-Cliffs picks up substantial Minnesota iron-ore landholdings

By: Henry Lazenby     12th December 2017 NYSE-listed iron-ore producer Cleveland-Cliffs has acquired extensive iron-ore landholdings in Minnesota that could in the future serve to replace depleted resources. Cleveland, Ohio-based Cliffs has completed the acquisition of interests located in Itasca County, west of Nashwauk, Minnesota,... 

Cleveland-Cliffs launches two debt offerings to fund first hot briquetted iron plant

By: Henry Lazenby     5th December 2017 US iron-ore producer Cleveland-Cliffs has launched two debt offerings totalling $716-million to help fund its first hot briquetted iron (HBI) production plant – a $700-million expansion to Cliffs’ production capabilities targeting the electric arc furnace steel market. Based in Cleveland, Ohio,... 

Cleveland-Cliffs lifts Q3 earnings as US ops shine, Asian segment struggles

By: Henry Lazenby     23rd October 2017 US iron-ore producer Cleveland-Cliffs has reported strong third-quarter results for the three months ended September 30, beating analyst forecasts for earnings per share. The Cleveland, Ohio-based company reported adjusted net earnings, which typically excludes special items, of $0.36 a share,... 

Jervois supports Elementos raising

By: Esmarie Iannucci     29th June 2017 ASX-listed junior Elementos will raise up to A$2-million through a share placement and nonrenounceable rights issue to fund work at the Cleveland tin, copper and tungsten project, in Tasmania. Fellow-listed Jervois Mining on Thursday revealed that it would invest some A$480 000 in Elementos in... 

Despite Q1 net loss, iron-ore rebound boosts Cliffs sales

By: Henry Lazenby     27th April 2017 US iron-ore producer Cliffs Natural Resources has reported surging sales for the three months ended March, as improved demand pushed prices higher after years of declines. First quarter sales jumped 51% to $462-million also because of increased sales volumes and seaborne iron-ore prices. Revenue... 

Cliffs' shares rise as it swings to a profit

By: Henry Lazenby     10th February 2017 US iron-ore producer Cliffs Natural Resources has reported a 58.4% increase in fourth-quarter revenue, boosted by rising domestic iron pellet sales. The Cleveland, Ohio-based company reported net income attributable to shareholders of $79.1-million, or $0.34 a share, for the three months to... 

Year’s best miner Cliffs says Trump to keep good times rolling

By: Bloomberg     10th December 2016 The head of Cliffs Natural Resources Inc. was preparing for a “worst-case scenario” next year. Instead, he got Donald Trump. Cliffs, the world’s best-performing raw materials producer this year, will probably generate “a lot” of cash, with which it will pay down debt, Chief Executive Officer... 

Cliffs removes last obstacle in way to ‘better times’

By: Henry Lazenby     27th October 2016 US-based iron-ore producer Cliffs Natural Resources has repaid its notes due in 2018 during the September quarter, which, combined with a $500-million debt reduction, eliminates the last obstacle in the way of the company's "way to better times”, states president and CEO Laurenco Goncalves.... 

Goldman says ‘size doesn’t matter’ as SGX’s iron holds sway

By: Bloomberg     21st October 2016 In the $7 billion-a-day global iron-ore futures market, size doesn’t matter when it comes to clout. Contracts in Singapore have greater pricing power than those traded in China even though the volumes in the city-state are more than 20 times smaller, according to Goldman Sachs Group Inc. Although... 

‘Know-nothing’ iron bears will be wrong again, Cliffs says

By: Bloomberg     13th September 2016 The largest US iron-ore producer says the bears are getting it wrong all over again. Prices will probably be sustained above $50 a metric ton as demand in China is stable and the impact of new supply won’t be as severe as forecast, according to Cliffs Natural Resources. “Those forecasts saying... 

Best metal bond gets even better as Cliffs cashes in on rally

By: Bloomberg     17th June 2016 Cliffs Natural Resources’ borrowing costs fell to the lowest in almost two years as it capitalised on the best stock rally among iron miners to raise money and declared itself out of the woods after a price rout. The Cleveland-based company’s notes due 2018 rallied Thursday, pushing down its... 

World Demand for Mining Equipment to Approach $105 Billion in 2019

25th November 2015 Global demand for mining equipment is forecast to expand 7.0 percent annually to nearly $105 billion in 2019.  Growth in mining equipment sales during the 2009-2014 period was erratic, a result of the volatility of commodity prices and the resultant effect on mining machinery investment.... 

Cleveland restarts Brazil gold mine

By: Esmarie Iannucci     10th September 2015 Gold miner Cleveland has restarted gold production at its Premier mine, in Brazil, after implementing the first stage of its expansion plans. Operations at Premier were suspended in the second quarter of this year as Cleveland completed key plant upgrades to increase the gravity circuit from 40... 

Elementos's Cleveland proves its mettle

By: Esmarie Iannucci     20th August 2015 The proposed Stage 2 openpit operation planned for the Cleveland mine would add an additional A$21-million to the project’s cash flow, owner Elementos reported on Thursday. Elementos was developing the Cleveland project through a staged, low-capital development strategy, which the company hoped... 

Cleveland raises A$2.5m to double output at Brazil mine

By: Esmarie Iannucci     13th July 2015 ASX-listed Cleveland Mining on Monday announced that it had raised about A$2.5-million through a combination of a royalty-linked note and a pre-payment from a gold refiner. The gold and iron-ore developer received A$1.87-million under the royalty linked note, which has a 12-month term. 

Gold mineralisation discovered in Brazil

3rd July 2015 Australian-managed and ASX-listed minerals company Cleveland Mining Company announced, in March, the discovery of an extensive zone of primary gold mineralisation, less than 1.5 km south of its operational Premier Joint Venture gold mine, in central Brazil. 

And then there was light

By: Jade Davenport     8th May 2015 There is no doubt that South Africa is in the midst of a social, political and economic crisis of unparalleled proportions, at least as far as the last 21 years of nonracial democracy is concerned. At the helm of South Africa’s plight, specifically from the economic perspective, is the... 

Cliffs Natural Resources to sell N American coal business

By: Henry Lazenby     28th April 2015 US iron-ore and coal producer Cliffs Natural Resources has decided to sell its North American coal segment, saying the business had become noncore and nonstrategic for the firm. Under new management, following a proxy contest last year, the Cleveland-based miner was in the process of unbundling... 

Cliffs completes refinancing transactions 

By: Henry Lazenby     31st March 2015 NYSE-listed Cliffs Natural Resources has entered into a new senior secured asset-based revolving credit facility (ABL facility) and has completed a private offering of $540-million of senior secured notes due on March 31, 2020, the company announced on Monday. Cleveland, Ohio-based Cliffs... 

Cliffs suspends dividend, repays $400m in debt

By: Henry Lazenby     26th January 2015 US iron-ore and coal producer Cliffs Natural Resources has suspended its quarterly dividend as part of accelerated plans to repay its outstanding debt balance. Cleveland, Ohio-based Cliffs on Monday said it had already reduced its outstanding debt balance by more than $400-million during the... 

Marthinusen & Coutts Wins Contract To Inspect And Repair Three Winder Motors At Cullinan Diamond Mine

1st December 2014 Marthinusen & Coutts, a division of Actom, was awarded the contract to refurbish three winder motors at the Cullinan Diamond Mine. The contract was awarded by instrumentation and control specialist ABB, in consultation with Petra Diamonds. ABB is in the process of upgrading the mine’s winders to... 

Orinoco outlines development strategy for Caval Ridge

By: Esmarie Iannucci     12th November 2014 Gold explorer Orinoco Gold on Wednesday revealed its plans to start production at its Caval Ridge mine, in Brazil, following high-grade results from an exploration decline. In the absence of a Joint Ore Reserve Committee-compliant resource, Orinoco has not set specific gold production targets... 

Bloom Lake Phase 2 to proceed only if Cliffs can secure three equity partners

By: Henry Lazenby     28th October 2014 US miner Cliffs Natural Resources on Tuesday said there was no future for its Bloom Lake iron-ore mine, in Quebec, if the Phase 2 expansion was not undertaken. Speaking on his first quarterly results analyst telephone call as chairperson, president and CEO of the company, Laurenco Goncalves said... 

Cliffs books $5.9bn loss on iron-ore, coal asset write-downs

By: Henry Lazenby     28th October 2014 US miner Cliffs Natural Resources has reported a third-quarter net loss of $5.9-billion, or $38.49 a share, after booking a $5.7-billion write-down of its iron-ore and coal assets. The Cleveland, Ohio-based company, which came under new management in July, following activist shareholder... 

Cliffs shares slide on prospect of $6bn Q3 asset impairment charge

By: Henry Lazenby     17th October 2014 US miner Cliffs Natural Resources on Friday reported that it expected to book a $6-billion after-tax noncash impairment on its seaborne iron-ore and coal assets in the third quarter, sending its NYSE-listed stock sliding as much as 10% during intraday trading. The Cleveland, Ohio-based company... 

Orinoco expands Cascavel footprint

By: Esmarie Iannucci     7th October 2014 Gold developer Orinoco Gold has increased the size of its Cascavel project, in Brazil, by acquiring a nearby tenement with known gold mineralisation. The ASX-listed company said on Tuesday that the new tenement, which is located to the north of the Cascavel gold and Central Tinteiro polymetallic... 

Cliffs could alter debt agreements in $200m share buy-back

By: Henry Lazenby     25th August 2014 The newly reconstituted board of iron-ore and coal miner Cliffs Natural Resources on Monday authorised the company to modify debt agreements if needed to allow the company to implement a $200-million share buyback. Cleveland, Ohio-based Cliffs revealed that its board sanctioned it “to take all... 

Cliffs to pay former CEO Halverston $11m

By: Henry Lazenby     15th August 2014 US iron-ore and coal producer Cliffs Natural Resources on Friday reported that it expected to make a payment of $11-million to its former CEO Gary Halverson in connection with the termination of his employment. Halverson was ousted as Cliffs CEO after only six months in the position, following... 

Orinoco teams up with Cleveland to speed up Brazil gold project

By: Esmarie Iannucci     28th July 2014 ASX-listed miner Orinoco Gold and Cleveland Mining have teamed up to fast-track the development of Orinoco’s Cascavel gold project, in Brazil. Under the terms of the agreement, Cleveland would assist Orinoco in mining, extracting, processing and selling gold ore from the Cascavel project, with... 

Beleaguered Cliffs posts Q2 loss, beats expectations

By: Henry Lazenby     24th July 2014 US iron-ore and coal producer Cliffs Natural Resources, which is locked in a proxy fight with an activist shareholder for control of the board, on Wednesday reported a net loss for the three months ended June 30, as lower iron-ore and metallurgical steelmaking coal prices and reduced sales... 

Cliffs drops more slate nominees in attempt to retain board control

By: Henry Lazenby     18th July 2014 US iron-ore and metallurgical coal producer Cliffs Natural Resources on Friday said it had reduced its slate of board nominees to be elected at the July 29 annual meeting from nine to seven candidates, which, in its view, would allow shareholders to vote for four nominees of activist shareholder... 

Cliffs plans to idle West Virginia coal mining complex

By: Henry Lazenby     25th June 2014 In the face of poor market conditions for steelmaking coal, US coal and iron-ore producer Cliffs Natural Resources on Wednesday warned that it was preparing to idle its Pinnacle metallurgical coal mining complex in West Virginia. Cleveland, Ohio-based Cliffs in a regulatory filing said it had on... 

Activist Casablanca threatens Cliffs with court action

By: Henry Lazenby     29th May 2014 Activist shareholder Casablanca Capital on Thursday threatened US iron-ore miner Cliffs Natural Resources with legal action over a “proxy put” that could result in cash-flow problems if the hedge fund’s slate of six board nominees were elected. On Friday, Cliffs said in a proxy filing said that... 

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