Cleveland, Ohio-based mining and natural resource company, Cliffs Natural Resources Inc. announced Tuesday that under the Investment Canada Act, the Minister of Industry has approved Cliffs' proposed acquisition of Consolidated Thompson Iron Mines Limited. The proposed acquisition was approved on the basis that the transaction is likely to be a net benefit to Canada, bringing Cliffs one step closer to closing the acquisition in Q2.
Cliffs indicated that the Chinese Ministry of Commerce's (MOFCOM) approval is still required to proceed with the closing of the acquisition.