By Anthony Reynolds
Cleveland, Ohio – Cleveland Cliffs, Inc. has purchased a share of a significant Brazilian iron mine. CCI acquired 100 percent of the shares of the Centennial Amapa company, which owned 30 percent of the Amapa Project mine. In addition to the $133 million it paid for the company, Cleveland Cliffs will spend another $80 million in future capital for the mine. The Amapa mine is expected to produce 6.5 million tons of iron pellets annually.