HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

Free
Message: Cliffs in the News; not good / OT
Reply New Message
Prev Message Back To Forum Threaded View Next Message

Cliffs Natural Resources reaches multi-million settlement with shareholders

CBC News Posted: Feb 08, 2016 2:55 PM NT Last Updated: Feb 08, 2016 2:55 PM NT

Cliffs Natural Resources owns Wabush Mines. However, the company is going through the creditor protection process. (CBC)

The parent company of Wabush Mines says it has reached a settlement out of court with disgruntled shareholders.

The shareholders sued Cliffs Natural Resources in mid-2014 over the impact of Quebec's Bloom Lake mine on the company's bottom line.

It was alleged the former board of directors and management made misleading statements about the mine and failed to keep costs in check.

Ohio-based Cliffs Natural Resources said its insurance will cover the cost of the $84-million-dollar lawsuit.

The company has also agreed to adopt changes to its corporate governance policies, protocols and practices.

Ciffs bought Bloom Lake for almost $5 billion when iron ore prices were at their peak.

It ended up in creditor protection.

Late last year, Champion Iron bought the mine for just over $10 million and agreed to take on $41 million in liabilities.

7 Recommendations
Reply New Message
Prev Message Back To Forum Threaded View Next Message
Share
Share
New Message
Please login to post a reply