VANCOUVER (miningweekly.com) – Canadian miner Champion Iron Ore announced on Tuesday that preparations for the first shipment of high-grade iron-ore from subsidiary Quebec Iron Ore’s (QIO’s) Bloom Lake mine, in Quebec, are under way, following the arrival of the MV Magnus Oldendorff at the Port of Sept-Îles.
The Montreal, Quebec-based miner expects to load up to 200 000 wet metric tonnes of iron-ore with 66% iron content for shipment to Asia.
Loading of the vessel represents a significant milestone for the company, as it also represents the first vessel loading at the brand new terminal and marks the inauguration of the new conveyor linking the stockyard to the new terminal.
Champion highlighted QIO’s efficient logistics strategy that looks set to confirm Bloom Lake’s potential to become a significant supplier of high-quality iron-ore to global markets.
“The first vessel is being loaded almost one month ahead of our original schedule with a high-quality iron-ore product fully in line with specifications and with our pilot plant testwork,” stated QIO executive chairperson and Champion CEO Michael O’Keeffe.
The mine’s first shipment is being completed against a backdrop of improving iron-ore prices of $71/t for 62% iron content, which is 25% higher than the estimates of $56/t used by the company in its original planning. Bloom Lake is forecast to generate more than C$15.1-billion in cumulative revenues over the initial 20-year mine life.