Cleveland-Cliffs Explores Rare Earth Mining Venture, Shares Surge on Strategic Shift
Cleveland-Cliffs is reportedly investigating rare earth mining opportunities at sites in Michigan and Minnesota. The steelmaker’s shares jumped approximately 17% following the announcement. This strategic move could support U.S. efforts to reduce dependence on foreign critical minerals.
Strategic Expansion into Critical Minerals
Cleveland-Cliffs Inc., a major American steel mill operator, is reportedly exploring the development of a rare earth mining business, according to statements from company leadership. CEO Lourenco Goncalves informed investors Monday that geological surveys at two company-owned sites in Michigan and Minnesota have revealed indications of rare earth elements, sources indicate.