Looks like Goncalves didn't wise up and deal with KWG. This gives you an indication where the rest of it's business and share price is headed.



Is Cliffs Natural Resources Getting Close to Falling off the Cliff?

Cliffs Quebec Iron Mining, along with Bloom Lake General Partner and Bloom Lake Iron Ore Mine, lost an arbitration claim that they filed against a previous Bloom Lake customer. The arbitration pertained to the August 2011 termination of an iron ore sales agreement....$71 million loss.

Cliffs' massive closure costs for Bloom Lake stuns investors

Nov 19 2014

• Cliffs Natural Resources (NYSE:CLF) plummeted 20% today as investors were stunned by the apparent costs of shutting down the Bloom Lake mine; unless it can find a buyer - which seems increasingly unlikely - CLF expects to be on the hook for up to $700M in closure costs.
• Analysts say a key problem is the penalty costs involved in breaking a "take or pay" rail contract; if the mine shuts, there is no choice but to terminate that contract.
• Closing the mine is not CLF's first choice, but an attempt to find partners to share the cost of expansion appears to have failed, and selling a mine that needs $1.2B in capital is a doubtful prospect; even Teck Resources (NYSE:TCK), long interested in breaking into the iron ore business, isn't biting.
• If a sale process fails, a closure of Bloom Lake would close the books one of the worst acquisitions in the history of Canadian mining.