Champion Iron: Expected to Double Production by Mid-2022
Set to complete its Phase II Quebec project
Champion Iron is an iron ore exploration and development company. They have major projects in the southern Labrador Trough, Canada’s largest iron ore producing region.
Champion Iron, through its wholly owned subsidiary Champion Iron Mines Limited, is developing eight iron rich projects in a 707 km2 area. Additionally, each project is strategically located close to the electrical grid, all-season roads and railway lines. This infrastructure connects the projects to a terminal located in water that does not freeze, on the north shore of the Gulf of St. Lawrence.
Champion Iron is set to complete its Phase II Quebec project. Further, the project is expected to double production by mid-2022. The company also recently acquired the Kami project, which is a high-grade project near its operations.
On April 11, 2016, Champion Iron officially became the new owner of the Bloom Lake Mine facilities, acquired from Cliffs Natural Resources for $10.5 million.
The Bloom Lake Mine facilities include a railway that ensures transport of the high-quality iron concentrate to a loading port in Sept-Îles, Québec.
As of March 31, 2021, the Magna Gold reports total cash on hand and restricted cash of $680.5M and consequently, did not draw on its available US$200.0M Credit Facility. It also repaid the US$20.0M Revolving Facility. The company currently has a total undrawn Credit Facility of US$220.0M. This is available to finance the Phase II expansion project. Moreover, it’s expected to double Bloom Lake’s nameplate capacity to 15 Mtpa, upon its scheduled completion by mid-2022.
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