Cliffs Natural Resources Inc. (CLF) said Monday that it expects to idle its Wabush Pointe Noire pellet plant within the city of Sept-Iles in Quebec by the end of the second quarter of 2013.
The company indicated that its decision to idle its iron ore pellet operation is due to high production costs and lower pellet premium pricing which is expected to persist in certain markets during the year.
The company's current product mix in its Eastern Canadian Iron Ore business segment is comprised of iron ore pellets and concentrate. Cliffs expects to idle production at its Pointe Noire iron ore pellet plant and transition to producing an iron ore concentrate only product from its Wabush Scully mine in the Province of Newfoundland and Labrador by the end of the second quarter in 2013. Cliffs maintained its full-year 2013 sales and production volume expectations of 9 - 10 million tons out of its Eastern Canada business segment. This is comprised of about 3 million tons of both iron ore pellets and concentrate products from its Wabush operation with Bloom Lake Mine making up the remainder of the expected sales volume.
The Wabush mine and concentrator are located near the town of Wabush, Newfoundland and Labrador, Canada , and the pellet plant and dock facility are located in Pointe Noire, Quebec . The entire Pointe Noire complex is comprised of a pellet plant, railroad and port.
The company said it will continue to operate the rail and port operations and proceed with its multi-year investment in the port's expansion that includes a ship loader for large capesize vessels. The Pointe Noire shipping facility serves the company's Wabush and Bloom Lake operations.
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