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BGC secures Cliffs contract

Cliffs Natural Resources has been quick in reacting to the iron ore price drop by scaling back high-cost operations, but BGC Contracting has been lucky enough to secure a five-year contract extension with the US-based company for its Koolyanobbing iron ore mine in Western Australia.

BGC secures Cliffs contract BGC secures Cliffs contract BGC secures Cliffs contract BGC secures Cliffs contract BGC secures Cliffs contract

Koolyanobbing produces around 11Mtpa of iron ore

The current mining contract, previously due for completion in 2017, will be extended through to 2022, with BGC pocketing A$520 million (US$361 million) in the process.

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