US-based mining company Cleveland-Cliffs Inc. (formerly named as Cliffs Natural Resources) has announced that it has acquired US-based US Steel Corporation’s 15 percent equity interest in the joint venture Tilden Mining Company for $105 million in cash. Cleveland-Cliffs previously owned an 85 percent interest in the joint venture and now has 100 percent ownership of the mine. The transaction closed on September 29, 2017.
The company stated that with the closing of this transaction, Cleveland-Cliffs has added 1.22 million mt of annual pellet production capacity and 55.88 million mt of proven and probable crude ore reserves. With the additional capacity, Cliffs U.S. Iron Ore business segment’s expected pellet sales volume will increase to 20.3 million mt in 2018 from an expected 19.30 million mt in 2017.
The Tilden mine is an iron ore mining, concentrating, pelletizing, and railroad operation located in Ishpeming, Michigan, that employs a workforce of approximately 900 employees.