Cleveland-Cliffs to buy $140M mine stake |
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Published
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Tue, 09 Jan 2007 23:54
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CLEVELAND - Cleveland-Cliffs Inc. on Tuesday said it plans to buy a 45 percent stake in an Australian coal mining project from a private company for $140 million.Cleveland-Cliffs said it agreed to acquire the interest in QCoal Pty Ltd.'s Sonoma coal project in Australia.The project is expected to produce about 2.2 million tons of coal annually, starting in late 2007. Production of marketable coal would increase to between 3.3 million tons and 4.4 million tons beginning in 2008.Cleveland-Cliffs' Asia-Pacific business unit will oversee the company's interest in the project.The deal is set to close in the first quarter, subject to the negotiation of a final agreement and regulatory approval.Shares of Cleveland-Cliffs fell 32 cents to close at $47.85 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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