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Energy|Financial|Iron Ore|Mining|Power|PROJECT|Steel
Energy|Financial|Iron Ore|Mining|Power|PROJECT|Steel
energy|financial|iron-ore|mining|power|project|steel

Champion Iron bolsters liquidity for growth opportunities

30th November 2023

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Quebec Iron Ore (QIO), a subsidiary of TSX- and ASX-listed Champion Iron, has completed a $230-million term-loan financing facility, significantly increasing its available liquidity to support organic growth and development opportunities to decarbonise steelmaking.

The new loan facility matures in November 2028 with no principal repayment until mid-2026.

QIO also extended the maturity of its existing $400-million revolving credit facility from May 2026 to November 2027.

“We thank our team of financial partners who share our vision to provide a solution for the green steel supply chain. The closing of the financing, in addition to our robust financial position and operational cash flows, enables our company to maintain its conservative capital management approach while increasing our flexibility to consider additional organic growth opportunities,” said Champion CEO David Cataford.

Champion, through QIO, owns and operates the Bloom Lake Mining Complex, located on the south end of the Labrador Trough, about 13 km north of Fermont, Québec.

Bloom Lake is an openpit operation with two concentrators that primarily source energy from renewable hydroelectric power. The two concentrators have a combined nameplate capacity of 15-million tonnes a year and produce low contaminan, high-grade 66.2% iron-ore concentrate with a proven ability to produce a 67.5% iron direct reduction quality iron-ore concentrate.

In January, the company announced the positive findings of a study evaluating the upgrade of half of the Bloom Lake mine's capacity to a direct reduction quality pellet feed iron-ore and approved an initial budget to advance the project.

Edited by Creamer Media Reporter

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