The Iron Ore Company of Canada (IOC) is taking advantage of rocketing iron ore prices by pushing forward with its Wabush 3 iron ore mine in Labrador, Canada.
Newfoundland and Labrador Mining News
The move comes less than two years after the Montreal-based firm decided to add exposure to the steelmaking raw material by grabbing a stake in the fellow Canadian iron ore company.
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The mine's assets are now in the process of being liquidated.
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Until now Canadian companies needed to have at least 51% stake in any uranium project.
The Canadian miner became the latest victim of slumping iron ore prices.
Chief Financial Officer Luciano Siani confirmed Tuesday the company's plans to sell a minority stake in its metals-producing unit.
Ron Barron has spent 30 years working in the Wabush mine, one of three generations of Barrons who have toiled in the open pits in what western Labrador bills as the iron ore capital of Canada.
Maritime Resources Corp. of Vancouver and Rambler Metals & Mining of Baie Verte, Newfoundland, have agreed to re-examine the former Hammerdown gold mine that lies in Maritime's Green Bay property near Springdale.
Closing the mine will cost $650 million to $700 million over the next five years.
CEO Murilo Ferreira thinks the ore may get close to 2011’s peak of $168 a ton.
The world’s second-largest mining company’s produced 139.5 million metric tons of iron ore in the six months through June, while its shipments rose 20% to 142.4 million tons.
Billionaire Andrew Forrest, who made his fortune as the driving force behind Fortescue, says high cost competitors will exit the market shortly.
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$15 billion of investment in Labrador mining projects over the next decade may be jeopardized by the lack of energy sources unless alternatives, such as generating power from the Muskrat Falls, are put in place.
"They all say that the Chinese firms believe the market volatility is temporary, and that pricing should return to $120 or $130 in the coming months."
Canada’s Labrador Iron Mines (TSX:LIM) said it had cut its capital expenditure (capex) budget as a result of iron-ore prices falling sharply during August.
An exploration budget of $8.6 million has been approved for 2012, comprising 11,280 metres (m) of drilling and 3,600 m of trenching, supported by geophysics, in 12 target areas.