The Minister of Industry has approved Cliffs Natural Resources proposed acquisition of Consolidated Thompson Iron Mines Limited, under the Investment Canada Act. The acquisition was approved on the basis that the transaction will likely be a net benefit to Canada. The Chinese Ministry of Commerce’s (MOFCOM) approval is also necessary to proceed with the closing of the acquisition as Wuhan Iron & Steel Co. owns 19% of Consolidated Thompson. Subject to MOFCOM’s approval and certain other closing conditions, the company anticipates closing the acquisition early in the second quarter of 2011. Cliffs first disclosed the proposed CAD 4.9 billion all cash transaction in January.
