- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Cleveland-Cliffs Announces Acquisition of Remaining Equity Interest in the Tilden Mine
Cleveland-Cliffs (NYSE:CLF) announced today that it has acquired United States Steel Corporation’s 15 percent equity interest in the Tilden Mining Company for $105 million in cash. Cliffs previously owned an 85 percent interest in the joint venture and now has 100 percent ownership of the mine. The transaction closed on September 29, 2017. With the closing of this transaction, Cliffs has added …
Cleveland-Cliffs (NYSE:CLF) announced today that it has acquired United States Steel Corporation’s 15 percent equity interest in the Tilden Mining Company for $105 million in cash. Cliffs previously owned an 85 percent interest in the joint venture and now has 100 percent ownership of the mine. The transaction closed on September 29, 2017.
With the closing of this transaction, Cliffs has added 1.2 million long tons of annual pellet production capacity and 55 million long tons of proven and probable crude ore reserves. With the additional capacity, Cliffs U.S. Iron Ore business segment’s expected pellet sales volume will increase to 20 million long tons in 2018 from an expected 19 million long tons in 2017.
Lourenco Goncalves, Chairman, President and Chief Executive Officer, said:
“With the current strength in the Great Lakes iron ore pellet market and anticipated future demand from our HBI facility, acquiring additional pellet capacity became a top priority for Cliffs. We have managed Tilden since 1974 and acquiring the remaining interest of the mine became the most logical path to accomplishing this through a risk free transaction.”
The Tilden Mine is an iron ore mining, concentrating, pelletizing, and railroad operation located in Ishpeming, Michigan, that employs a workforce of approximately 900 employees.
Click here to read the full text release.
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.