Posted in | News | Iron Ore

Cliffs Natural Resources Makes Offer for Thompson Iron Mines

Cliffs Natural Resources Inc., a U.S. based international mining giant, on Tuesday made an offer of $4.9 billion for Thompson Iron Mines. The takeover bid raised the shares in the Montreal based Consolidated Thompson Iron Mines by 30%.

Thompson Iron Mines have just begun production on their Lac Bloom iron ore mining project which took $800 million to develop. The deal offered by Cliffs has the support of the directors of Consolidated Thompson which is led by Brian Tobin.

Brian Tobin was the former premier of Newfoundland. The deal also is supported by the Chinese Wuhan Iron and Steel Corporation which owns a 19% stake in Consolidated Thompson. It also has a direct ownership share in the Lac Bloom iron ore mine located in Quebec near the Labrador border.

Cliffs is offering $17.25 per share in cash, which was a 30 per cent premium to Consolidated Thompson's share price. The Consolidated Thompson board of directors is recommending the deal to all shareholders. Some senior managers and directors have also signed lock up pacts.

Joel Scanlon

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Cleveland-Cliffs Inc. (2019, March 19). Cliffs Natural Resources Makes Offer for Thompson Iron Mines. AZoMining. Retrieved on April 20, 2024 from https://www.azomining.com/News.aspx?newsID=2521.

  • MLA

    Cleveland-Cliffs Inc. "Cliffs Natural Resources Makes Offer for Thompson Iron Mines". AZoMining. 20 April 2024. <https://www.azomining.com/News.aspx?newsID=2521>.

  • Chicago

    Cleveland-Cliffs Inc. "Cliffs Natural Resources Makes Offer for Thompson Iron Mines". AZoMining. https://www.azomining.com/News.aspx?newsID=2521. (accessed April 20, 2024).

  • Harvard

    Cleveland-Cliffs Inc. 2019. Cliffs Natural Resources Makes Offer for Thompson Iron Mines. AZoMining, viewed 20 April 2024, https://www.azomining.com/News.aspx?newsID=2521.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.