Editor’s Note: Cliffs Natural Resources Inc (NYSE:CLF)
Cliffs joins senators in Roy Hill protest (The West Australian)
Gina Rinehart’s $10 billion Roy Hill iron ore project faces a new challenge to its attempt to secure debt funding from US export credit agencies after politicians wrote to the US Export-Import Bank to oppose a $US650 million ($719 million) loan to buy American-made machinery. In a move backed by US-based Cliffs Natural Resources Inc (NYSE:CLF), which has extensive iron ore assets in WA’s Yilgarn, four US senators from Minnesota and Michigan wrote to the chairman of the Ex-Im Bank to oppose the proposed loan, which would be used to buy Caterpillar equipment.
LETTER: Mining brings pollution (TbNewsWatch.com)
To the editor: Despite what Kenora MP Greg Rickford and Cliffs Natural Resources Inc (NYSE:CLF) say – we’ve heard it before, and as most of us know, this region has a legacy of industrial and mining pollution. Remember mercury in the English-Wabigoon, uranium in the Serpent River, taconite drifting here from the U.S. shore of Lake Superior – and the creosote blob in our own harbour? And lest we believe this is merely history, and lest we are tempted by current reassurances – consider the following recent violations by Cliffs Natural Resources.
Cliffs Natural Resources: In A Deep Hole (Seeking Alpha)
When Goldman Sachs came out with their list of most shorted stocks this year, I was not surprised to see Cliffs Natural Resources Inc (NYSE:CLF) in second place with a 36% short interest. I think that the downside was summed up by Credit Suisse’s report, in which they came out with a $10 price target. Without higher iron-ore prices, it will be harder for Cliffs Natural to remain profitable. In Cliffs Natural conference call they estimated $137/t iron-ore cost (current price $138/t and down 11% from last year), while Morgan Stanley estimates iron-ore to fall to $117/t in 2014.
Watch List: Gold Fields Limited (ADR)(NYSE:GFI), Cliffs Natural Resources Inc(NYSE:CLF), Yamana Gold Inc. (USA)(NYSE:AUY), NVIDIA Corporation (NASDAQ:NVDA) (SBWire)
Cliffs Natural Resources Inc (NYSE:CLF) shares increased 1.79% to $22.77. CLF’s stock was downgraded by stock analysts at BB&T Corp. from a “buy” rating to a “hold” rating in a report issued on August 20. The analysts noted that the move was a valuation call. Additionally, the company on July 25 reported second-quarter results for the period ended June 30, 2013. Consolidated revenues of $1.5 billion decreased $91 million, or 6%, from the previous year. The lower revenues were driven by an 11% decrease in global seaborne iron ore pricing to an average of $126 per ton for a 62% Fe fines product (C.F.R. China).