Archive | Labrador Iron Trough

U.S. company signs collective agreement to restart Wabush Mines – by Andrew Topf (Mining.com – June 13, 2017)

http://www.mining.com/

Miners at the closed-down Wabush Mines in Labrador could be back on the job thanks to the recent signing of a collective agreement with the union. Five hundred people were thrown out of work in 2014 when Cliffs Natural Resources (NYSE:CLF) shut the gates on the operation in Western Labrador.

Last week however the United Steelworkers Union had good news to share, telling its members it signed a five-year collective agreement with Tacora Resources, an American company without a functioning website, for the Scully Mine operation.

Part of Wabush Mines, Scully Mine began operating in 1965, with iron concentrate railed to a pelletizing facility in Pointe Noire, Quebec, for shipment to Europe and throughout North America. Before it closed in 2014, a victim of low iron ore prices, Wabush Mines was Canada’s third largest iron ore operation, with an annual capacity of 6 million tonnes. The site since then has been tied up in regulatory proceedings. Continue Reading →

Life in Labrador iron ore scene – by Daniel Gleeson (Mining Journal – March 1, 2017)

http://www.mining-journal.com/

The latest bulletin came from Alderon Iron Ore (CN:ADV), which published the results of a preliminary economic assessment on the Rose deposit, part of its 75%-owned Kami project, in western Labrador. This followed close on the heels of Champion Iron (CN:CIA) updating its own Bloom Lake project economics and Rio Tinto’s (LN:RIO) majority-owned Iron Ore Company of Canada announcing plans to push ahead with its C$79 million (US$59 million) Wabush 3 project.

There is an obvious reason all three of these companies have chosen now to come out with their news: the iron ore price. Hovering around a two-and-a-half year high – at just over US$90 per tonne – the 62% Fe price has confounded analyst expectations in the first two months of the year.

This has allowed all three companies to set out business plans at much higher prices than they would have done a year earlier when a tonne of ore was changing hands at a level closer to US$50. For Alderon, this is a real coup, allowing the company to announce what it calls a “reboot of the Kami project”. Continue Reading →

IOC going ahead with Wabush 3 mine, construction to begin in spring – by Jacob Barker and Geoff Bartlett (CBC News Newfoundland and Labrador – February 23, 2017)

http://www.cbc.ca/news/canada/newfoundland-labrador/

The Iron Ore Company of Canada says the long-awaited Wabush 3 mining project in Labrador West will be going ahead. The new pit comes with a $79-million investment and should increase the ore output by about five million tonnes per year.

Clayton Walker, chief executive officer and president, said it should also extend the life of the mine by 12 years. “We’re really excited about the announcement,” Walker said on Thursday afternoon.

The new pit will rely on much of the existing infrastructure but construction is expected to create about 70 jobs, according to Walker. The Wabush 3 extension was put on hold last May, with IOC citing poor production and sales performance over the previous year. Continue Reading →

New CEO at IOC in Labrador City as company shuffles management – by Jacob Barker (CBC News Newfoundland and Labrador – January 09, 2017)

http://www.cbc.ca/news/canada/newfoundland-labrador/

‘Organizational changes are an ongoing part of the business,’ a company spokesperson said

There’s been a shuffle in management at the Iron Ore Company of Canada in Labrador City. That’s according to internal documents CBC has obtained laying out “organizational changes.”

The announcement is attributed to new IOC president and CEO Clayton Walker who said he was with the company for 60 days when it was sent out on January 6th. The company’s chief operating officer, Thierry Martel, also signed off on the document.

“We are going to learn from the past and build upon our success,” the document reads. “The first step will be changing the organizational structural to allow us to better engage with our employees and manage our assets.” Continue Reading →

Brazil’s S11D iron-ore mine a reality check for Australian politicians – CME – by Esmarie Swanepoel (MiningWeekly.com – January 10, 2017)

http://www.miningweekly.com/

PERTH (miningweekly.com) – The Western Australian Chamber of Minerals and Energy (CME) has warned that the commercial start of the $19.7-billion Eliezer Batista S11D iron-ore mine, in Brazil, is a reality check for Australian politicians looking to use the sector as a “bottomless cash cow”.

CME CEO Reg Howard-Smith said on Tuesday that commercial operations at the world’s largest iron-ore mine were expected to start this month, with mining giant Vale taking advantage of Brazil’s lower-cost taxation and royalty regime.

The Brazilian major inaugurated the new iron-ore project in December, with the mine ramping up to 90-million tonnes a year by 2020. Once the ramp-up is completed, about 2 700 employees will be working directly at the plant and mine and, at least, 10 000 indirect jobs will have been created. Continue Reading →

Idled Canadian iron ore mine charged with $30K fine over pollution – by Cecilia Jamasmie (Mining.com – December 21, 2016)

http://www.mining.com/

Wabush Mines, an iron ore operation in Canada’s western Labrador that has been shut since 2014, will have to pay a Cdn$30,000 (about $22K) fine for polluting the environment, a Newfoundland and Labrador provincial court has ruled.

The verdict follows the company’s guilty plea last week to offences including failing to perform acute-lethality sampling of effluent and failing to notify an inspector following a deposit out of the normal course of events.

In practical terms, that means Wabush Mines didn’t test the mine’s surroundings to determine whether there was any amount of waste being released that could harm rainbow trout. The company also failed to let an inspector know there was an unusual amount of deposit. All this happened in May 2015. Continue Reading →

Canada’s Quebec injects $130M into Tata Steel Quebec-Labrador iron ore project – by Cecilia Jamasmie (Mining.com – November 7, 2016)

http://www.mining.com/

Canada’s province of Quebec just invested about $130 million (Cdn$175 million) in an iron ore project majority owned by Tata Steel Minerals Canada (TSMC), a subsidiary of Indian giant Tata Steel.

The deal aims to advance development of the Direct Shipping Ore (DSO) property, which straddles the border between Quebec and Labrador, with mineral deposits on both provinces.

The transaction, first announced in July, consisted of a loan of $50 million from Investissement Quebec along with $125 million for an 18% equity stake in TSMC through Ressources Quebec. Continue Reading →

[Jules Timmins] The Shy Midas Behind Ungava – by McKenzie Porter (MACLEAN’S Magazine – February 1, 1952)

http://www.macleans.ca/

Jules Timmins was born with a silver spoon in his mouth and he has since gold-plated it from the fabulous mining ventures he has led. Now he’s the dynamo that’s powering the vast Ungava iron development. Yet even in the town they named for his family, cops and bellboys don’t know his face

Jules Timmins was born with a silver spoon in his mouth and he has since gold-plated it from the fabulous mining ventures he has led. Now he’s the dynamo that’s powering the vast Ungava iron development. Yet even in the town they named for his family, cops and bellboys don’t know his face

TOWARD the end of November last a chunky jut-jawed cigar-toting millionaire called Jules Timmins talked about gold in Noranda, northwestern Quebec, on Sunday; about iron in Montreal on Monday; about steel in Cleveland, Ohio, on Tuesday; about copper in Toronto on Wednesday; about silver back in Montreal on Thursday; and about mining finance in New York on Friday. Continue Reading →

[Labrador Iron Trough] The Legacy Of The Rail Lives On, But Could It Be Built Today? – by Donna Yoshimatsu (Canadian Mining Journal – June/July 2009)

http://www.canadianminingjournal.com/

History is witness that the people who built the foundation for Canada’s iron ore industry back in 1950 faced near insurmountable odds that would have stymied even the most ambitious industrialist today.

History is witness that the people who built the foundation for Canada’s iron ore industry back in 1950 faced near insurmountable odds that would have stymied even the most ambitious industrialist today.

Among the likes of Timmins, Hollinger, Humphrey, movers and shakers of mining empires, sprung generations of entrepreneurs in search of a piece of history, drawn to the biggest railroad building project the continent had seen in half a century — the Quebec North Shore & Labrador Railway (QNS&L). Continue Reading →

Canada invests $133 million in Tata Steel Quebec-Labrador iron ore project – by Cecilia Jamasmie (Mining.com – July 30, 2016)

http://www.mining.com/

The Canadian province of Quebec will spend $133 million (Cdn$175 million) in an iron ore project majority owned by Tata Steel Minerals Canada (TSMC), a subsidiary of Indian giant Tata Steel.

The investment will advance development of the Direct Shipping Ore (DSO) property, which straddles the border between Quebec and Labrador, with mineral deposits on both provinces. The deal could see more than $400 million invested in the French-speaking province in the next two years, as iron ore deposits are tapped on that side of the border.

The financing includes equity stake of Cdn$125 million through Capital Mining Hydrocarbons Fund and a loan of Cdn$50 million from Investissement Quebec, acting as an agent of the government, TSMC said in a statement. Continue Reading →

IOC in Labrador on backburner with Rio Tinto shakeup, but not dead: analyst (CBC News Newfoundland and Labrador – June 27, 2016)

http://www.cbc.ca/news/canada/newfoundland-labrador/

A shakeup with the leadership of the company that owns the iron ore mining operation in western Labrador could mean a slowdown, but one analyst says it’s unlikely the Iron Ore Company of Canada will shut down.

Rio Tinto last week appointed Jean-Sébastien Jacques to take over the company as chief executive. The mining giant has also reorganized its operations, with iron ore operations taking a back seat to copper.

With an oversupply of iron ore expected for the next 10 years, Rio Tinto’s focus will be on its other commodities and resources, like copper and iron ore, in Western Australia. Continue Reading →

While iron-ore price crawls sideways, Champion readies for Bloom Lake revival – by Henry Lazenby (MiningWeekly.com – June 2, 2016)

http://www.miningweekly.com/page/americas-home

MONTREAL (miningweekly.com) – Despite the price outlook for the steelmaking ingredient iron-ore crawling sideways at best in 2016, TSX- and ASX-listed junior Champion Iron is preparing to restart its recently acquired Bloom Lake mine, near Fermont, Quebec, as soon as markets improve.

Under the leadership of chairperson and CEO Michael O’Keeffe, Champion subsidiary Quebec Iron Ore had on April 11 closed the C$10.5-million acquisition of Cliffs Natural Resources’ Bloom Lake assets and the Quinto claims, located opposite its flagship Fire Lake iron-ore project in the famous high-grade Labrador Trough mining district, straddling the provincial borders of Newfoundland and Quebec.

In contrast, Cliffs had in 2011 bought the mine for about C$4.9-billion from Consolidated Thompson. Under the acquisition, Quebec Iron Ore became responsible for environmental obligations that included environmental reclamation liabilities, which the Quebec government estimated to be about C$41.7-million. Continue Reading →

ArcelorMittal suspends Mont-Wright iron ore mine expansion in Quebec on weak market – by Susan Taylor (Financial Post – June 2, 016)

http://business.financialpost.com/

Reuters – TORONTO — ArcelorMittal, the world’s largest steelmaker, is suspending a major expansion of its Mont-Wright iron ore mine in northern Quebec due to poor market conditions, a spokesman said on Thursday.

The company, which employs some 2,500 workers at the mine, informed the United Steelworkers union this week that it will not start expansion work in June as planned. The project would have extended the mine’s lifespan by 15 years to 2045.

The decision was based on the project cost, “fairly high” mine production costs, low iron ore prices and global competition, said ArcelorMittal spokesman Paul Wilson. Continue Reading →

RPT-Australian miner eyes second bonanza with Canadian iron ore bet – by Susan Taylor (Reuters U.S. – May 31, 2016)

http://www.reuters.com/

May 31 An Australian mining veteran who made investors billions with a shrewd bet on coal in Mozambique is aiming for another big score with Canadian iron ore, even as a global gush of new supply threatens to depress already slumping prices.

Champion Iron Chief Executive Michael O’Keeffe is laying the groundwork to restart Bloom Lake mine in northern Quebec’s metals-rich Labrador Trough.

Champion bought Bloom Lake last year for only C$10.5 million ($8.04 million) after Cliffs Natural Resources, which paid $4.9 billion for it in 2011, put the unprofitable mine into creditor protection.

Champion will have its work cut out. Continue Reading →

Chance of new life as American buyer eyes Wabush Mines – by Glenn Payette (CBC News Newfoundland and Labrador – April 13, 2016)

http://www.cbc.ca/news/canada/newfoundland-labrador/

300 to 400 jobs if mine gets back in production

A United States company is looking to buy Wabush Mines with a view to having it re-opened within a year. Virginia-based ERP Compliant Fuels has submitted a bid to Cliffs Natural Resources which owns the mine but closed it in 2014.

“We are very interested and trying to close the transaction this spring,” said ERP co-founder Tom Clarke. Clarke said his company hopes to take full advantage of what the mine has to offer.

“The mine can produce up to six million metric tonnes, and employment would probably be somewhere between 300 and 400 people once we get back to the six million tonne production level.” Continue Reading →