Source:
ArcelorMittal USA operates an iron ore mine through its wholly-owned subsidiary ArcelorMittal Minorca and owns a majority stake in Hibbing Taconite Company, which is managed by Cliffs Natural Resources.
September 28, 2020 - Cleveland-Cliffs Inc. (NYSE: CLF) announced that it has entered into a definitive agreement with ArcelorMittal S.A. (NYSE: MT), pursuant to which Cleveland-Cliffs will acquire substantially all of the operations of ArcelorMittal USA LLC and its subsidiaries (“ArcelorMittal USA”) for approximately $1.4 billion.
The enterprise value of the transaction is approximately $3.3 billion, which takes into consideration the assumption by Cleveland-Cliffs of pension/OPEB liabilities and working capital.
The transaction has been approved by the board of directors of both companies and is expected to close in the fourth quarter of 2020, subject to the receipt of regulatory approval and the satisfaction of other customary closing conditions.
Summary:
Both the Minorca and Hibbing mines are located in the Mesabi iron range where iron ore has been extracted for over 100 years. The ore bodies are within the Biwabik Iron Formation, a series of shallow dipping Precambrian sedimentary rocks known as taconite with a total thickness in excess of 200 meters and running for approximately 200 kilometers. Although the first deposits mined in the Mesabi iron range consisted of oxidized hematite ores, production was shortened in the mid-1950 to low grade magnetic taconite ores
Processing Technologies
- Magnetic separation
- Rotary kiln & Electric furnace
Source:
Summary:
ArcelorMittal Minorca operates a concentrating and pelletizing facility, along with two open pit iron ore mines – Laurentian and East Pits located 12 kilometers from the processing facilities. The processing operations consist of a crushing facility, a three-line concentration facility and a single-line straight grate pelletizing plant. Pellets are transported by rail to ports on Lake Superior.
Production:
| Commodity | Units | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|
Iron Ore
|
Mt
| ...... | ...... | 2.9 | 2.8 | 2.7 | 2.7 |
All production numbers are expressed as pellets.
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Operational Metrics:
| Metrics | 2017 |
|
Annual mining capacity
| ...... |
|
Plant annual capacity
| ...... |
Reserves at December 31, 2019:
| Category | Tonnage | Commodity | Grade |
|
Proven
|
123 Mt
|
Iron
|
23.6 %
|
|
Probable
|
7 Mt
|
Iron
|
25.3 %
|
|
Proven & Probable
|
2,405 Mt
|
Iron
|
23.7 %
|
Mine Management:
| Job Title | Name | Profile | Ref. Date |
|
.......................
|
.......................
|
|
Sep 17, 2020
|
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Staff:
| Employees | Year |
|
|
2017
|
|
|
2015
|
Corporate Filings & Presentations:
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News:
Aerial view:
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