Cliffs Natural Resources Aus Assests

According to a Bloomberg article, U.S listed Cliffs Natural Resources may be looking to offload it's "Asia Pacific Iron Ore" business, the companies sole project is the Koolyanobbing Complex, which since its recent upgrade in 2012 produces 11mtpa. After the ore is blended it is sent by rail from the Koolyanobbing complex to Esperance port where it is shipped out to customers in Asia.

As of Dec 2013 reserves at Koolyanobbing stood at 64.5Mt of 60.3%Fe Proved & Probable.(Ann report below pg 47)

Also in the year to Dec 2013, Cliffs shipped 11Mt of ore achieving revenue of $110.87USD per tonne at an AISC of $77.63USD per tonne. (Ann report below pg 71)

Any thoughts on what the asset is worth and if it would make sense for MGX to make a play. There doesn't appear to be any synergies with their existing projects, but if you have cash like MGX does, now would appear to be the time to pick up some projects on the cheap. Buy low, sell high.

Or is this more than they can/want to chew?

http://www.bloomberg.com/news/2014-...-to-draw-interest-from-australian-miners.html

http://ir.cliffsnaturalresources.co...Annual-Report_LowRes_Full-Report-with-10K.PDF