00:36:48 EDT Wed 15 Jul 2020
Enter Symbol
or Name

Champion Iron Ltd
Symbol CIA
Shares Issued 412,117,847
Close 2018-05-24 C$ 1.26
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Champion Iron unit ships millionth tonne of Bloom iron

2018-05-24 09:47 ET - News Release

Mr. Michael O'Keeffe reports


Quebec Iron Ore Inc., a Champion Iron Ltd. subsidiary, has, with the completion of the loading of the MV Hubertus Oldendorff at the port of Sept-Iles, produced and shipped its first one million tonnes of high-grade 66 per cent iron concentrate from its Bloom Lake iron ore mine located near Fermont, Que.

The achievement of this significant milestone occurred ahead of schedule and highlights the successful ramp-up of Bloom Lake since the company announced the mine's restart in November, 2017, and commenced operations at the plant on Feb. 16, 2018. Quebec Iron anticipates that the mine will reach its annual full capacity of 7.4 million tonnes per year by the end of June.

The delivery and sale of the Bloom Lake iron ore concentrate to end-users in Asia, Europe and the Middle East via Quebec Iron's offtake partners are being completed at a time where significant premiums are being paid for high-quality 66 per cent iron concentrate versus the 62-per-cent-iron benchmark. This is a positive start for a mine that is forecast to generate more than $15.1-billion in revenue over the next 20 years, underlining Bloom Lake's potential to be one of the region's leading long-life iron ore mines and a major contributor to both the Quebec and Canadian economies.

"We are delighted to have reached this milestone. The company's ability to deliver a high-quality iron ore product fully in line with specifications is a testament to the hard work of Quebec Iron's employees and all of our stakeholders. We look forward to continuing to supply global iron ore markets for many years to come," stated executive chairman and chief executive officer of Quebec Iron and Champion, Michael O'Keeffe.

About Quebec Iron Ore Inc.

Founded in 2016 by the mining development company Champion Iron, Quebec Iron Ore is a 100-per-cent-Quebec-based entity managed by experts from Quebec. The company was mandated to direct the relaunch of the Bloom Lake mine, a Champion Iron flagship project in Fermont, in Northern Quebec.

About Champion Iron Ltd.

Champion is an iron development and exploration company, focused on developing its significant iron resources in the south end of the Labrador Trough in the province of Quebec. Following the acquisition of its flagship asset, the Bloom Lake iron ore property, the corporation's main focus is to implement upgrades to the mine and processing infrastructure it now owns while also advancing projects associated with improving access to global iron markets, including rail and port infrastructure initiatives with government and other key industry and community stakeholders. Champion's management team includes professionals with mine development and operations expertise, who also have vast experience from geotechnical work to greenfield development and brownfield management, including logistics development and financing of all stages in the mining industry.

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