Cliffs Natural Resources Inc (CLF) Highlights: Senators on Roy Hill Protest, Mining Pollution & More

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.

Cliffs Natural Resources Inc (NYSE:CLF)

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).

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

Picture Perfect: The 6 Smartphones with the Best Cameras

The 10 Best Countries To Work In the World

A Profitable Day At The Track: 5 Tips For Betting On Horses

Tearing You Apart: 6 Bad Habits That Ruin Relationships

Learning on the Job: The 6 Biggest Mistakes Parents Make

Shopaholics Rejoice: The 12 Biggest Malls in the World

Fright Night: 10 Horror Movies Based on True Stories

Mach Mania: The 10 Fastest Jets in the World

Military Heavyweights: The 10 Countries with the Most Tanks

All In: The 7 Richest Poker Players in the World

Abracadabra: The 10 Best Magicians in the World

The 10 Richest Asian Countries in the World in 2014

Eyes in the Sky: 10 Things You Need to Know About Drones

Rising Stars: The 6 Best Silicon Valley Startups

Military Muscle: The 5 Most Advanced Armies in South America

All that Glitters: The 7 Most Luxurious Jewelry Brands in the World

5 Things You Didn’t Know About ISIS but Should

Empowering Your Money: The 5 Best Energy Stocks to Invest In

The 11 Best Android Apps You Can’t Get on iOS

The 10 Most Important International Conflicts in 2014

Mood Enhancers: The 20 Most Uplifting Songs of all Time

Lover Beware: The 8 Countries that Cheat the Most

Breath of Fresh Air: The 25 Countries with the Best Air Quality on the Planet

Singles Beware: The 8 Worst Mistakes Made on First Dates

Healthy and Happy: The 10 Countries with Lowest Healthcare Costs

The 6 Best Company Team Building Activities to Build Workplace Camaraderie

Ships Ahoy: The 10 Busiest Shipping Ports in the World

10 Productivity Tips to Save You Time and Help You Do More With Less

Grab a Bite: The Most Popular Fast Food Restaurants in America

Friday Night Thirst: The 10 Most Popular Cocktails in the World

The 6 Greatest Unsolved Mysteries We May Never Figure Out

7 Useless Products You Never Should’ve Bought

The 5 Reasons Why You’re Single and Miserable

The 7 Most Addictive Foods in the World We Can’t Stop Eating (Even Though We Should)

5 Amazing Places You Can Swim with Dolphins

The Top 7 Most Livable Countries In The World

The 10 Most Expensive Baseball Cards Ever Pulled From A Pack

The 5 Easiest Second Languages to Learn for English Speakers

Silver Spoon: The 6 Richest Families in the World

The 20 Countries with the Largest Prison Populations in the World

The Top 10 Richest Actors in the World

The 10 Best Airline Stocks to Invest In Before They Fly Too High

Burger Kings: The 10 Most Expensive Burgers in the World

The 10 Most Ethnically Diverse Countries in the World

The 10 Most Exclusive Credit Cards in the World

The 10 Most Expensive Cruise Ships in the World

The 10 Fastest Supercomputers in the World

The 10 Best Countries for Doing Business 2015

6 Most Expensive Fruits In The World

10 Worst Airlines in the World

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!