Cliff’s chrome project in Canada is ongoing but progress has slowed, according to Cliff’s CEO and president Joseph Carrabba. And, the outcome is far from certain. “While most aspects of the project have advanced according to plan, resolution of certain critical elements of the project’s future is not solely within our control,” Carrabba noted. He said, “While negotiations and a binding agreement with the provincial government have slowed, and dialogue has been suspended during the provincial government transition, recent conversations with newly seated Cabinet Minister Gravelle indicates the province is committed to get a deal done. It’s imperative however that the right deal is completed for both Cliffs and Ontario, even if it delays our previous project schedule. We remain prepared to resume the discussions with Ontario’s new leadership and its position.” For 2013, Cliffs expects to spend approximately $60-million to complete the feasibility stage of development for the project. In light of stalled dialogue with the government, Cliffs is evaluating adjustments and its spending rate which could impact the amount the company invests during 2013 and the project’s overall schedule. “While we remain enthusiastic about this opportunity, we cannot predict how quickly the definitive agreements will be in place allowing the project to continue and until the feasibility phase is complete, we will not speculate on the overall project schedule,” Carrabba added.

• [Editor:editor]