seekingalpha.com
By: Rupert Hargreaves
Oct. 7, 2014

• Casablanca's intervention seemed to be a watershed moment for Cliffs.
• The company has been hurt by the falling price of iron ore.
• Management is wasting cash on buybacks and not acting fast enough.

...Broken down; $6.4 was wasted on the Bloom Lake acquisition, which has so far failed yield results and is, in fact, due to costly take-or-pay agreements is burning through cash; $1.2 billion was spent on coal projects that are not expected to break even until this year; $500 million was spent on a Chromite project, suspended during the second quarter of 2013; $285 million was spend on the Wabush project, idled during the first quarter of this year, and finally, the Amapa project, acquired for $500 million but sold for a 'nominal amount' during the third quarter of 2013....

Full article: Time Is Running Out For Cliffs Natural Resources