Champion Iron Limited announces the filing on SEDAR of the feasibility study for the Phase II expansion of the Bloom Lake Mining Complex.
The Feasibility Study envisions increasing overall capacity at Bloom Lake from 7.4Mtpa to 15Mtpa of 66.2% Fe iron ore concentrate. Supported by the strong economics demonstrated in the Feasibility Study, the Company's board of directors has approved an initial budget of $68 million to fund and advance the project during the remainder of 2019, in order to secure the timetable detailed in the Feasibility Study.
The Bloom Lake property is located on the south end of the Labrador Trough, approximately 13 km north of Fermont, Quebec, and 10 km north of the Mount-Wright iron ore mining operation of ArcelorMittal Mines Canada. The mine is an open-pit truck and shovel operation with a concentrator. From the site, iron concentrate is transported by rail, initially on the Bloom Lake Railway, to a ship loading port in Sept-Îles, Quebec.