Champion Iron achieves shipping milestone at Bloom Lake
Champion Iron of Montreal says its 63% owned subsidiary Quebec Iron Ore has shipped its ten millionth tonne of high-grade iron concentrate from the Bloom Lake project near Fermont through the Port of Sept-Iles. The concentrate grades 66.2% iron.
Champion recommissioned the Bloom Lake mine and mill in February 2018, and reached this milestone only 18 months later. Nameplate capacity of 7.4 million tonnes per year was reached before the beginning of this year. Concentrate is destined for customers in Asia, Europe and the Middle East.
A phase two feasibility study has been produced for Bloom Lake. It would double mill throughput to 15 million tonnes per year, cost $589.8 million and add 20 years to the mine’s life. An expanded project carries an after tax net present value of $956 million and a 33.4% internal rate of return. A 2.4-year payback is anticipated.
(This article first appeared in the Canadian Mining Journal)