Expansion plans to double production
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. In addition, with a structural shift in the steel industry aiming to reduce emissions, champion iron’s high-grade iron ore is in rising demand.
Champion Iron, through its wholly owned subsidiary Champion Iron Mines Limited, is developing eight iron rich projects in a 707 km2 area. Further, each project is strategically located close to the electrical grid, all-season roads and railway lines. This infrastructure connects the projects to a terminal. Moreover, the terminal is located in water that does not freeze, on the north shore of the Gulf of St. Lawrence.
Bloom Lake Mine
In 2016, Champion Iron officially became the new owner of the Bloom Lake Mine facilities. Indeed, it was acquired from Cliffs Natural Resources for $10.5 million.
The property is approximately 13 km north of Fermont, Québec. It’s also 10 km north of the Mont Wright iron ore mining complex belonging to ArcelorMittal Mines Canada.
The Phase I Feasibility Study estimated an average production cost of C$44.62/dmt (C1 Cash Cost). Additionally, the Phase II expansion Feasibility Study estimated an average production cost of C$46.6/dmt (C1 Cash Cost). The initial Feasibility Study released on February 16, 2017 estimated a Net Present Value (NPV 8%) after-tax of C$984M.
The Phase II expansion Feasibility Study released on June 20, 2019 estimates a Net Present Value (NPV 8%) after-tax of C$2.384B.
Community well-being is a priority for Champion Iron, and the management team is committed to promoting this well-being by caring about the people and communities at the heart of its major projects.
Furthermore, they support the development of youth, culture and the environment with activities that show their interest in the communities where they do business.
In fact, through innovative partnerships and initiatives that strengthen its values as citizens of the world, Champion Iron maximizes the positive impact of its presence in these communities.
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