acquisition of common shares of Debut Diamonds Inc. as a result of receipt of special dividend-in-kind
cnw
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
CLEVELAND, OH, Feb. 1, 2012 /CNW/ - Cliffs Natural Resources Inc.
("Cliffs" or the "Company") announces that on December 28, 2011 its
subsidiary, Cliffs Greene B.V. ("Cliffs Greene"), acquired ownership,
by way of special dividend-in-kind from KWG Resources Inc. ("KWG"), of
6,703,994 common shares of Debut Diamonds Inc. ("Debut Diamonds"), or
13.22% of Debut Diamonds' common shares outstanding. Pursuant to the
special dividend-in-kind, for each 100 KWG shares held by Cliffs
Greene, Cliffs Greene received six common shares of Debut Diamonds.
Subject to restrictions under applicable law, Cliffs Greene may in the
future acquire or dispose of additional securities of Debut Diamonds
depending on factors such as the business and prospects of Debut
Diamonds and future market conditions.
About Cliffs Natural Resources Inc.
Cliffs Natural Resources Inc. is an international mining and natural
resources company. A member of the S&P 500 Index, the Company is a
major global iron ore producer and a significant producer of high- and
low-volatile metallurgical coal. Cliffs' strategy is to continually
achieve greater scale and diversification in the mining industry
through a focus on serving the world's largest and fastest growing
steel markets. Driven by the core values of social, environmental and
capital stewardship, Cliffs associates across the globe endeavor to
provide all stakeholders operating and financial transparency.
The Company is organized through a global commercial group responsible
for sales and delivery of Cliffs products and a global operations group
responsible for the production of the minerals the Company markets.
Cliffs operates iron ore and coal mines in North America and two iron
ore mining complexes in Western Australia. The Company also has a 45%
economic interest in a coking and thermal coal mine in Queensland,
Australia. In addition, Cliffs has a major chromite project, in the
pre-feasibility stage of development, located in Ontario, Canada.
For further information: A copy of the Early Warning Report that will be
filed by Cliffs Greene (De Boelelaan 7, 1083 HJ Amsterdam, the
Netherlands) with the relevant Canadian securities commissions in
connection with this matter can be obtained via SEDAR under Debut Diamonds' profile.
For further information:
Investor Relations Contact: Steve Baisden, VP, Investor Relations and Communications (216) 694-5280
