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SUBSEQUENT EVENTS
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6 Months Ended |
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Jun. 30, 2012
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| SUBSEQUENT EVENTS |
NOTE 21 – SUBSEQUENT EVENTS Cliffs Australia Coal Pty Ltd entered into a definitive share and asset sale agreement on July 10, 2012 to sell its 45% economic interest in the Sonoma joint venture coal mine located in Queensland, Australia. The assets to be sold include Cliffs’ interests in the Sonoma mine along with its ownership of the affiliated wash plant. Upon completion of the transaction, Cliffs expects to collect approximately AUD$141 million in cash proceeds. We do not expect the disposal to have a material impact on the Statements of Consolidated Operations, Statements of Consolidated Comprehensive Income, Statements of Consolidated Financial Position or the Statement of Consolidated Cash Flows. We have evaluated subsequent events through the date of financial statement issuance. |
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- Definition
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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