The deal, which essentially involves the Koolyanobbing iron ore mine 50km north of Southern Cross in Western Australia, has been supported by the Western Australian government.
Had Cleveland-Cliffs not sold the mine, it would have closed it.
The company had already told Southern Ports, the government entity that runs Esperance, Albany and Bunbury ports, that it would cease shipping through Esperance in June.
In 2016-17, Koolyanobbing was responsible for 11.2 million tonnes of freight across the Esperance wharves. In that same year there was a record grain harvest and that only accounted for a little more than 3Mt. Iron ore made up 30% of the trade across the entire Southern Ports portfolio.
In January Cleveland-Cliffs president, chairman and CEO Louren...