Suspension at Cliffs Natural (CLF) Ontario Project Will Fee Up Cash

This morning Bloomberg reported that Cliffs Natural Resources (NYSE: CLF) temporarily suspend environmental assessment activities at its Chromite Project in Ontario. The suspension relates to delays in environment assessment process, land surface rights, negotiations with Province of Ontario.

Commenting, BMO analyst Tony Robson said he thinks the temporary suspension may trigger a write-down. Overall, he views the decision as positive and thinks it will free up cash flow and reduce debt.

BMO Capital has a Market Perform rating on Cliffs Natural Resources with a price target of $23.00

For an analyst ratings summary and ratings history on Cliffs Natural Resources (NYSE: CLF) click here. For more ratings news on Cliffs Natural Resources click here.

Shares of Cliffs Natural Resources closed at $17.50 yesterday.

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