Cliffs Natural suspends efforts to develop chromite project in Ring of Fire area

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CLEVELAND - Cliffs Natural Resources Inc. (NYSE:CLF) is temporarily suspending its environmental assessment activities for a major chromite project in the Ring of Fire region of Northern Ontario. Among the reasons: delays and uncertainty affecting both the provincial and federal environmental assessments as well as unresolved issues related to land surface rights. Cliffs also cited "unfinished agreements with the Government of Ontario that are critical to the project's economic viability." The company says it will continue to work with the provincial government and First Nations communities in an attempt to restart the work.

Organizations: Natural Resources, NYSE, First Nations

Geographic location: Cliffs, CLEVELAND, Northern Ontario Ontario

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