| Cliffs Natural (CLF) Declares Sale of First Point Shares | |
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Cliffs Natural Resources Inc. CLF announced that some of its affiliated companies have entered into a sale and purchase agreement, in respect of the Decar property in British Columbia with First Point Minerals Corp., pursuant to the requirements of Canadian securities laws.
Per the sale transaction, an affiliated company of Cliffs plans to sell the common shares of First Point beneficially owned by it to one or more purchasers that First Point has agreed to identify under the terms of the Decar agreement. The affiliate of Cliffs is presently the beneficial owner of 14,353,190 common shares in the capital of First Point, representing about 13.6% of the issued and outstanding common shares. Cliffs currently has no intention of acquiring other securities of First Point.
Cliffs’ shares rose roughly 11% to close at $4.29 on Tuesday. Cliffs released second-quarter 2015 results in Jul 2015. The company swung to a profit on a reported basis in the quarter. However, adjusted loss for the quarter was wider than the Zacks Consensus Estimate. Revenues tumbled year over year and missed expectations. The company cut its full-year sales and production volume guidance for the U.S. iron ore business. At the end of second-quarter 2015, Cliffs had net debt of $2.6 billion, compared with $3.1 billion at the end of second-quarter 2014. There was nothing drawn on the company's new asset-based lending facility at the end of the reported quarter. Net debt reduced as a result of several actions including asset sales, exchange offers and open-market bond repurchases during the prior twelve months. Cliffs’ capital expenditure reduced 70% year over year to $19 million in the second quarter. This includes capital spending related to North American Coal. Depreciation, depletion and amortization amounted to $31 million. Cliffs currently carries a Zacks Rank #4 (Sell). Some better-ranked mining stocks include Denison Mines Corp. DNN, OCI Resources LP OCIR and Zenyatta Ventures Ltd ZENYF. All of these stocks hold a Zacks Rank #2 (Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CLIFFS NATURAL (CLF): Free Stock Analysis Report DENISON MINES (DNN): Free Stock Analysis Report ZENYATTA VENTRS (ZENYF): Free Stock Analysis Report OCI RESOURCES (OCIR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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CLIFFS Natural Resources
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PRODUCER |
CODE : CLF |
ISIN : US18683K1016 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
CLIFFS Natural Res is a iron producing company based in United states of america. CLIFFS Natural Res produces iron, coal in Australia, in Brazil and in Canada, and holds various exploration projects in Canada. Its main assets in production are WABUSH MINE, EMPIRE AND TILDEN MINES, HIBBING TACONITE, NORTHSHORE MINE, UNITED TACONITE, OAK GROVE MINE, GREEN RIDGE MINE and PINNACLE MINE in Canada, AUSTRALIAN IRON ORE and SONOMA in Australia and AMAPA in Brazil and its main exploration properties are MT JACKSON J1 in Australia and DIAGNOS, WAWA, FREEWEST, MC FAULD'S LAKE, MACFADYEN, WAWA CLAIMS and BIG DADDY in Canada. CLIFFS Natural Res is listed in France, in Germany and in United States of America. Its market capitalisation is US$ 3.8 billions as of today (€ 3.5 billions). Its stock quote reached its highest recent level on May 16, 2008 at US$ 99.17, and its lowest recent point on January 15, 2016 at US$ 1.20. CLIFFS Natural Res has 297 400 968 shares outstanding. |