Casablanca Capital Wins Battle for Cliffs Natural Resources

Casablanca Capital Wins Battle for Cliffs Natural Resources

At Cliffs Natural Resources' annual general meeting, held yesterday, six of Casablanca Capital's nominees were elected to the board of directors. The activist investor plans to make Lourenco Goncalves, one of the nominees, CEO of Cliffs.

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Company News

Casablanca Capital Claiming Victory in Cliffs Natural Resources Dispute

Mineweb reported today that fund manager Casablanca Capital has stated that its six nominees have been elected to the board of directors of Cliffs Natural Resources. Casablanca has been locked in a battle with Cliffs for some time, citing cost overruns and accusing the company of destruction of shareholder value.

Alderon Iron Ore Enters Off-take Agreement with Glencore

Alderon Iron Ore Corp. (TSX:ADV,NYSE MKT:AXX) announced that its affiliate, the Kami Mine Limited Partnership, has entered into an off-take agreement with a subsidiary of Glencore plc (LSE:GLEN). Under the terms of the agreement, Glencore will acquire all production from the Kami Project that has not been allocated to Hebei Iron and Steel Group (SHE:000709).

Vale Reports Best Iron Ore Production Performance Ever For Q2

Mineweb reported today that Vale (NYSE:VALE) has reported its strongest ever iron ore production for the second quarter of 2014. Operational performance was bolstered by good weather and plant ramp-ups, according to Mineweb.

Fortescue Metals Forecasts Hike in Iron Ore Shipments

The Wall Street Journal reported today that Australia's Fortescue Metals Group (ASX:FMG) will increase its iron ore shipments by up to 29 percent over the coming year. The company hopes to bring down costs as it increases production, according to the Journal.

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Market News

Big 3 Iron Miners Keeping Up Volume, Price Balancing Act

Reuters columnist Clyde Russell wrote today that iron ore miners BHP Billiton (NYSE:BHP) Rio Tinto (NYSE:RIO) and Vale (NYSE:VALE) are bent on keeping their dominant position in the market by increasing low cost production. The strategy will depend on whether demand from China will continue to support prices, according to the author.

India Not Planning to Restrict Exports of Iron Ore

The Deccan Chronicle Reported that although India is attempting to curb illegal money, the country will not restrict its exports of iron ore. According to the Chronicle, Minister of State for Steel Vishnu Deo Sai has stated that the country will still have enough ore to supply domestic steelmakers.

Indonesia Resumes Export of Some Metal Ore Concentrates

Mineweb reported today that shipments of iron ore, lead, and zinc have left Indonesia following the implementation of a mineral export ban from the country in January. Two firms, Sebuku Iron Lateritic Ores and Lumbung Mineral Sentosa, agreed to pay a controversial 20 percent export tax, according to Mineweb.

Long Term Iron Price Will Be $110 a Ton, Vale CEO

Bloomberg reported this week that Vale CEO, Murilo Ferreira sees iron ore prices coming back up to $110 a pound on growing demand from China. Together with fellow major miners like Rio Tinto (NYSE:RIO), Vale is upping its mine production on the belief that higher volumes will balance lower prices, according to Bloomberg.

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