The End of Cliffs in the Ring of Fire? – Mining Life

A New York hedge fund proclaims it’s won a bitter proxy fight with Cliffs Natural Resources to achieve majority control of the Ohio iron ore and coal miner’s board of directors.

Casablanca Capital said it was successful in convincing Cliffs’ shareholders to elect all six of its nominees at the miner’s annual general meeting in Cleveland, July 29.

The final results are subject to independent inspection over the next three days.

If Casablanca is right, it means Cliffs’ hold on its Ring of Fire chromite properties in the James Bay region is tenuous at best.

Casablanca, which acquired 5.2 per cent of Cliffs’ shares, wants to break off Cliffs’ international assets, including its Ring of Fire properties, from its core U.S. iron and coal divisions.