Since 2007, CLF had owned 45% of the Sonoma coal-mining JV in Queensland, Australia. CLF’s share of the annual Sonoma production was small—about 1.5M tonnes—and the JV was not especially lucrative insofar as 2/3 of the output was thermal coal and only 1/3 was metallurgical. All told, the Sonoma JV was an asset of sufficiently dubious merit that I’m happy to see CLF take the cash buyout.
CLF still has another dubious JV: the Amapá iron-ore project in Brazil, where CLF’s equity stake is 30%. Perhaps CLF will see fit to unload this asset too.
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