Jones Day Reps Cliffs In $5B Deal For Mining Co.

Law360, New York (January 12, 2011, 7:49 PM EST) -- Cliffs Natural Resources Inc. is set to buy Consolidated Thompson Iron Mines Ltd. in a cash deal worth $4.9 billion that will increase the mining company's presence in North America and provide greater access to Asia.

With the move, announced Tuesday, Cliffs plans to acquire Montreal-based Consolidated Thompson's 580 million tons of proven and probable iron ore reserves in Canada, positioning itself to become a bigger player in the seaborne trade in iron ore to Asia.

"The acquisition of Consolidated Thompson will combine a low-operating risk...
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