Miner Cliffs slashes 2014 capital spending by more than half

Tue Feb 11, 2014 5:13pm EST

Feb 11 (Reuters) - Cliffs Natural Resources Inc said on Tuesday it plans to slash its capital spending in 2014 by more than 50 percent as it cuts back its Bloom Lake Mine expansion in Canada and idles production at its Wabush Mine, which is also in Canada.

Cliffs said in a statement that its 2014 capital expenditure is expected to fall to between $375 million and $425 million from $862 million in 2013.