Permanent closure means removal of all equipment, buildings, rail systems, etc… Then flooding the pits and bringing back the surrounding area back to a natural state.
Shutting down means keeping all the above intact and maintaining the mine with a limited number of employees. When iron ore prices recover, CLF can start operations or sell the operations as a working mine.
Goncalves needs to come out and tell the market what they are doing and outline the cost.
I am on my second trade for the day, need to lock in profits and go to work, should cause the price of CLF to soar.
A JV with Nucor will show the market there is 10 times more profit in selling DRI pellets than 62% iron ore. CLF just needs to be an iron ore pellet company and leave the dirt to the big three to fight over. CLF just needs to work on putting together new pellet deals.
When will the Australian government realize that they are giving away their future resources? Time for the government to raise export taxes to curb this stupidity.
They generated enough cash to pay off their credit line last quarter, half that amount would be wisely spent buying back those bonds at a 44% discount.
In order to achieve the 14 million shares a day, there has to be some short covering. That takes something positive out of CLF management.
That is why I monitor CBC 4 times a day, in the past their reporters get information ahead of the major newswires.