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Cliffs zeroes in on Spider Resources in chromite takeover bid

Cliffs Natural Resources has formally commenced its $86 million offer for the common shares of Spider Resources. The offer, at a price of $0.13 per common share, expires July 6.
Northern Ontario Business Staff
Cliffs Natural Resources has formally commenced its $86 million offer for the common shares of Spider Resources.

The offer, at a price of $0.13 per common share, expires July 6.

Cliffs owns a 47-per-cent interest in the Big Daddy chromite deposit in the McFaulds Lake area of the James Bay Lowlands.

Spider and its exploration partner, KWG Resources, each own 26.5 per cent of Big Daddy.

In a May 31 news release, Cliffs said its objective is to obtain majority ownership of Big Daddy by acquiring either KWG or Spider.