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DewDiligence

11/19/14 10:38 AM

#9136 RE: oldberkeley #9134

CLF—The key is the shutdown costs for Bloom Lake—i.e. whether these costs can be quarantined in CLF's Canadian subsidiary (that will presumably declare bankruptcy) or whether they will contamine the parent company.

On CLF's 3Q14 CC, Goncalves strongly implied that these costs can be quarantined in the Canadian subsidiary, but today's PR cites a range of $650-700M during the next five years, apparently contradicting the quarantine plan.

Stay tuned.