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Stock Market & Financial Investment News

News Breaks
January 3, 2013
18:44 EDTAAUKY, CLFCliffs Natural, Anglo American to sell stakes in Brazilian joint venture
According to an SEC filing, on December 27, the board of directors of Cliffs Natural Resources (CLF) authorized the sale of the company’s 30% interest in the Amapá joint venture located in Brazil. Anglo American (AAUKY) currently owns the remaining 70% of Amapá. Both the company and Anglo American will be selling their respective interests in a 100% sale transaction to a single entity. Based on the results of the broad auction process and the terms of the pending sale, management of the company made a determination on December 27, that the value of its Amapá Interest recorded in the financial records of the company needs to be adjusted to reflect the fair value of our investment. Accordingly, the Company will record a pretax impairment charge of approximately $380M to $420M, all of which is non-cash, in the company’s financial statements as of December 31, 2012. The company does not expect that the sale of the Amapá Interest will result in material future cash expenditures.
News For CLF;AAUKY From The Last 14 Days
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May 20, 2015
16:23 EDTCLFCliffs Natural says Wabush has commenced restructuring proceedings
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May 13, 2015
10:01 EDTAAUKYOn The Fly: Analyst Downgrade Summary
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09:24 EDTAAUKYAnglo American downgraded to Neutral from Outperform at Macquarie
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