Cliffs Natural Resources Inc. announced Monday that it has entered into a definitive agreement to sell its chromite assets in Northern Ontario, Canada to Noront Resources Ltd. for $20 million. The transaction is comprised of the chromite deposits and associated claims held by Cliffs.
The sale of these assets to Noront is part of Cliffs' strategy to divest non-core assets and focus on supplying iron ore pellets to the North American steel industry.