Champion Iron sought opportunity from a structural shift in high-grade iron ore, bringing a project with billions recently invested back from the brink.
Champion Iron is an iron ore exploration and development company with Bloom Lake as its flagship project. Operating in the southern Labrador Trough, the mine is favourably situated in Canada’s largest iron-ore producing region and the second largest hub of high-grade iron ore in the world.
Champion Iron is developing eight iron-rich projects in a 707 km2 area. 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 on the north shore of the Gulf of Saint Lawrence, providing year-round access.
About the Bloom Lake Mine
The property is located approximately 13 km north of Fermont, Quebec, surrounded by global major players in the mining industry including Rio Tinto, ArcelorMittal and Tata Steel. Bloom Lake’s initial owner was acquired by Cliff for C$4.9 billion shortly after commissioning in 2010.
Following operational challenges and difficult market conditions, Cliff sought creditor protection despite an additional investment of US$2 billion on the property. Champion Iron acquired the property for C$9.5 million and recommissioned the asset in February 2018.
After several operational improvements, Bloom Lake now delivers a tonne of high-grade iron ore to port for less than US$40/t and realizes over US$100/t for its product in current market conditions.
The Company is already considering an expansion from 7.5Mtpa to 15Mtpa, which had already been advanced by the prior owner of the project..
About the Fire Lake North Project
The Fire Lake North project originates in the Fermont Iron Ore District in eastern Quebec. It is located at the northern limit of the Fire Lake Mine, operated by ArcelorMittal, and is 60 km south of the Bloom Lake Mine.
The project, along with neighbouring resources, hosts over five times the current resources at Bloom Lake
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