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CLIFFS NATURAL RESOURCES
 
Chromite Project 

 

Project Update: On November 21, 2013, Cliffs announced plans to put an indefinite halt to its Chromite Development Project in the Ring of Fire area of Northern Ontario by the end of 4Q 2013. This business decision has been prompted by ongoing delays related to various aspects of the project, such as the environmental assessment process, land rights, and negotiations with the province of Ontario. Given the uncertain timeline and risks associated with the development of necessary infrastructure to bring this project online, we have decided not to allocate additional capital to the project.

 

We continue to believe in the value of the mineral deposits and the potential of the Ring of Fire region for Northern Ontario, and will continue our work with the Government of Ontario, First Nation communities and other interested parties to explore potential solutions related to the critical issue of infrastructure for the Ring of Fire region. 

 

 

In 2010, Cliffs acquired the largest known chromite deposits in North America, located in Northern Ontario, and has been developing plans for mining chromite and producing ferrochrome for sale to steel makers around the world.

 

Ferrochrome, a critical ingredient in the production of stainless steel, has been categorized by many countries as a strategic resource. Most resources and production are in the Eastern Hemisphere, requiring many stainless steel producers in North America to import the product.

 

Because of its proximity to North American and European stainless steel production, Cliffs believes a merchant ferrochrome operation located in Canada would have a distinct competitive freight advantage over producers in other parts of the world.

 

Cliffs has been and will continue to be heavily engaged with potentially affected and/or interested constituent and stakeholder groups throughout the development of this Project. You are invited to follow our progress through our Chromite Development Project website.