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Alderon Iron Looking at Cliffs Resources’ Assets in Quebec
Apr. 15, 2015 04:00PM PST
Base Metals Investing
CBC News reported that Alderon Iron Ore Corp. (TSX:ADV) confirmed its interest in Cliffs Natural Resources’ (NYSE:CLF) assets to complement the company’s proposed Kami mine project. Cliffs assets include the closed Wabush mines, the railway to Quebec and the port facilities near Sept-Iles.
CBC News reported that Alderon Iron Ore Corp. (TSX:ADV) confirmed its interest in Cliffs Natural Resources’ (NYSE:CLF) assets to complement the company’s proposed Kami mine project. Cliffs assets include the closed Wabush mines, the railway to Quebec and the port facilities near Sept-Iles.
As quoted in the market news:
The sell-off is expected to happen next month, following Cliffs’ decision to file for creditor protection in January. Alderon’s Tayfun Eldem said the assets could potentially complement the company’s proposed Kami mine project.
“We are indeed looking at it but there’s been no firm decision,” he told CBC’s Labrador Morning. “We’ll see if and when we will pursue the assets more aggressively.”
Eldem said the company is looking at the long-term when it comes to the iron ore industry. “This is a cyclical business, we believe that China will continue to play a significant role in terms of demand for iron ore and steel, but obviously China has slowed down to some extent,” he said. “In the short term there will be lots of trial and tribulations, and I think we’re seeing that in the region and globally,”