Cliffs Natural Resources sells chromite assets to Noront Resources

Cliffs Natural Resources says it has struck a deal to sell its chromite assets in the Ring of Fire mineral region in Ontario's remotefar north.

The Cleveland-based company said Mondayit had entered into adefinitive agreement withNoront Resources to purchase its chromite deposits and associated claims for $20 million.

Cliffs hasbeen moving away from its investments in the Ring of Fire mining region about 500 kilometres north-east of Thunder Bay which has yet to be developed.

Cliffs saidthe sale in the Ring of Fire is part of a strategy to divest its non-core assets and focus on its core business of supplying iron ore pellets tothe North American steel industry.

The company describedNorontas "an experienced mining company with a strategic interest in the Ring of Fire region."

Norontis expected to hold roughly 65 per cent 80,000 hectares of the Ring of Fire mining development at the close of the deal, according to a company press release. The acquisition includes 100 per cent interest in the Black Thor deposit andBlack Label deposit, as well as 80 per cent ownership of the McFauld's Lake copper zinc resource.