Chinese Ministry of Commerce Okays Cliffs Acquisition of Consolidated Thompson
05/10/2011 - The Chinese Ministry of Commerce has cleared Cliffs Natural Resources’ proposed acquisition of Consolidated Thompson Iron Mines Limited.
The Chinese Ministry of Commerce (MOFCOM) has cleared Cliffs Natural Resources’ proposed acquisition of Consolidated Thompson Iron Mines Limited.
The acquisition was originally announced early this year, and has since been approved by company shareholders as well as the Ministry of Industry. MOFCOM is the final regulatory agency whose approval was necessary to proceed with the closing of the acquisition of Consolidated Thompson.
Subject to certain other closing conditions, Cliffs anticipates closing the acquisition on May 12, 2011.
Cliffs Natural Resources Inc., an international mining and natural resources company, is also a major global iron ore producer and a significant producer of high- and low-volatile metallurgical coal. Cliffs' strategy is to continually achieve greater scale and diversification in the mining industry through a focus on serving the world's largest and fastest growing steel markets.
The company is organized through a global commercial group responsible for sales and delivery of Cliffs products and a global operations group responsible for the production of the minerals the company markets. Cliffs operates iron ore and coal mines in North America and two iron ore mining complexes in Western Australia. The company also has a 45% economic interest in a coking and thermal coal mine in Queensland, Australia. In addition, Cliffs has a major chromite project, in the pre-feasibility stage of development, located in Ont., Canada.
