Marquette, MI – (Great Lakes Radio News) – Cliffs Natural Resources is continuing the selling off of certain properties in their North American holdings in an overall effort to focus on iron ore production.
According to a statement released today, Cliffs has entered into a definitive agreement to sell its chromite assets in Northern Ontario, Canada to Noront Resources Ltd. for a sale price is for $20 million.
The transaction is comprised of the chromite deposits and associated claims held by Cliffs.
The firm says Noront is an experienced mining company with a strategic interest in Canada’s Ring of Fire region.
The sale of the assets is in line with Cliffs’ current strategy to sell non-core assets and focus on being the major supplier of iron ore pellets to the North American steel industry.