io royalties

An interesting read.

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"Cliffs Natural Resources Inc. Announces Asia Pacific Iron Ore Infrastructure Upgrades

Project to Result in Production of Approximately 11 Million Tonnes Annually for Asia Pacific Iron Ore Segment

Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) announced today that its Board of Directors has approved a capital project at its Koolyanobbing Complex in Western Australia. The project, which requires approximately $320 million Australian dollars of incremental capital investment, is expected to allow the Koolyanobbing Complex to produce approximately 11 million tonnes annually.

Cliffs indicated that capital for this project will be spent over the next two years, with the bulk of the spending occurring in 2011. The improvements are expected to consist of enhancements to the existing rail infrastructure, an increase in rolling stock, and upgrades to various other existing operational constraints. Cliffs anticipates these improvements to be fully implemented in the second half of 2012.

Cliffs stated that recently acquired mineral tenements located near its existing Asia Pacific Iron Ore deposits will enable the Company to continue potentially increasing the current resource base.

Duncan Price, Cliffs' senior vice president and managing director, Asia Pacific Iron Ore, commented, 'We are enthusiastic about the expected organic growth these improvements will generate for our Asia Pacific Iron Ore operations. We acknowledge the support of, and effort by, the Western Australian Government in overcoming significant policy uncertainties, which had delayed key permits.'"
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http://www.b2i.us/profiles/investor/ResLibraryView.asp?BzID=1041&ResLibraryID=40535&Category=1810