Cliffs Enters Term Sheet for Potential Sale of Cockatoo Island Iron Ore Assets

Cliffs Natural Resources Inc. (NYSE:CLF) reports it has a term sheet with Pluton Resources Limited (ASX:PLV) to sell interest in Cockatoo Island.

The press release is quoted as saying,

The potential transaction is expected to occur at the end of the current stage mining of Cockatoo Island, known as Stage III, which is anticipated to be complete in late 2012. Pluton has expressed interest in the assets for potential synergies that the Cockatoo Island operations could have with Pluton’s Irvine Island assets in the Kimberly Iron Ore Hub of northern Western Australia. The proposed transaction is subject to completion of due diligence, definitive agreements between all parties, and conditional on regulatory and third party consents.

For the complete press release, click here.