Report: Bidders For Cliffs Natural Resources Inc. Bloom Lake Mine

Cliffs Natural Resources Inc.

rose sharply after a report surfaced that its Bloom Lake iron mine had attracted bidders. Cliffs said Jan. 2 that production at the mine, near the western border of Labrador in Fermont, Quebec, had completely ceased, with "only a small number of employees still on the payroll." Bloomberg reported Thursday that Investissement Quebec, an investment arm of the provincial government, had helped attract bidders for the mine. Cliffs closed Thursday up nearly 12 percent, although it changed hands in the extended session at $8.54, down $0.18 cents. Last week Bloomberg said Quebec Energy and Natural Resources Minister Pierre Arcand was "looking for the best way to relaunch this facility.” http://www.bloomberg.com/news/2015-01-08/quebec-says-it-s-talking-to-cliffs-about-reopening-mine.html Cliffs reportedly expects costs of $650 million to $700 million related to shutting the mine in the next five years. http://business.financialpost.com/2014/11/19/cliffs-massive-closure-costs-at-bloom-lake-stun-analysts/?__lsa=fd41-f922 Cliffs Chief Executive said exiting the mine brings to an end "the flawed expansion that has cost Cliffs and its shareholders billions of dollars."