Why Cliffs’ Asia Pacific Iron Ore Division Will Stop Production In The Next 4 Years
As a part of Cliffs’ strategy of becoming a pure-play U.S.- based iron ore producer (since the U.S. Iron Ore division is Cliffs’ most profitable division), the company has disposed of its coal mining business. In addition, the company has decided against extending the life of its Koolyanobbing iron ore mine based in Australia, which constitutes the company’s Asia Pacific Iron Ore division. With the company deciding against further expenditure on exploration or development of mineral reserves in Australia, the division will stop production when the company’s existing reserves are exhausted in around 4 years’ time, as illustrated below.
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