On April 11, 2016, Champion Iron, the development and exploration company behind Quebec Iron Ore, officially became the owner of the Bloom Lake Mine facilities.
The property is located approximately 13 km north of Fermont, Quebec, and 10 km north of the Mont Wright iron ore mining complex belonging to ArcelorMittal Mines Canada.
The Bloom Lake Mine facilities include a railway to efficiently transport the high quality iron concentrate to a loading port located in Sept-Iles, Quebec.
Quebec Iron Ore also has 29 residences, two hotels that can house up to 700 fly-in/fly-out workers, and a high-end entertainment center, with a cafeteria that can serve 600 people.
Before relaunching the project, 42 employees worked to care for and maintain Bloom Lake’s facilities.
Published in February 2017, a feasibility study showed that resumption of mining activities at Bloom Lake was financially viable and competitive in world iron ore markets.
The study also revealed that the Bloom Lake Mine has the potential to become one of the major long-term iron mines in the Nord-du-Québec region. Consequently, resumption of production will have a huge impact on local, regional and provincial economies.
Quebec Iron Ore is jointly owned by Champion Iron and by the Government of Quebec, which holds 36.8% of the shares.
Capital expenditures (CAPEX) totaled $326.8 million, including a $157.2 million upgrade of the mine’s infrastructures.
In addition to completely revising the mining plan, our experts are upgrading the concentration plant.
The old recovery circuit prevented the mine from being profitable: up to 30% of the iron ore was lost in tailings. The newly installed circuit will decrease this loss to 10%.
Moreover, a new 3.5-kilometre conveyor was installed to improve efficiency by decreasing the need to move iron ore and load trucks.
Our objective: increase from six million to over seven million tonnes of iron per year, and substantially decrease production costs.
In short, all the efforts and expertise necessary to ensure the success of the project were deployed. The future is bright for Quebec Iron Ore!