Billions Lost in Canada Iron Dream Shows Metals Destruction
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The Bloom Lake iron-ore mine in Quebec shows just how much value is being destroyed in the commodity meltdown.
Cliffs Natural Resources Inc. acquired the mine as part of a $4.3 billion takeover of Consolidated Thompson Iron Mines Ltd. in 2011 when iron-ore prices topped $190 a metric ton. On Friday, a unit of Champion Iron Ltd. agreed to buy it and other assets for C$10.5 million ($7.6 million) and C$42.8 million in liabilities as iron ore falls below $40.