Cleveland-Cliffs Inc. is selling substantially all of the assets of its Asia Pacific Iron Ore business to Mineral Resources Ltd., an Australian mining services company. “The sale of these assets to Mineral Resources marks Cliffs’ exit from the Australian iron ore business, and represents the final step in the implementation of our US iron ore-centric strategy,” Cliffs CEO Lourenco Goncalves said in a statement, The deal, expected to close before the end of the second quarter of 2018, includes mining tenements, mine facility assets, port assets and the benefit of certain contracts. Cliffs’ previously disclosed costs of closing the Australian operations are expected to be reduced by approximately $65 million to $75 million based on Mineral Resources assuming certain obligations and Cliffs reaching negotiated settlements with other third parties.
