Cliffs Asia Pacific Iron Ore, a subsidiary of Cleveland, Ohio-based Cliffs Natural Resources announced Thursday that it has signed a binding term sheet to sell its stake in the Cockatoo Island Mining iron ore property in Australia to Melbourne, Australia-based exploration company Pluton Resources Limited. The Cockatoo Mining project is a joint venture owned equally by Cliffs Asia Pacific and HWE Mining.
In consideration of the agreement, Pluton will assume the liabilities for the environmental rehabilitation of Cockatoo Island. The deal is expected to close by late 2012, and is subject to third party approval.