On April 11, 2016, Champion Iron, the development and exploration company behind Quebec Iron Ore, 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.
Now in commercial production since June 2008, the Bloom Lake Mine has proven its ability to produce economically at or above its nameplate capacity of 7.4 Mtpa of high-grade 66.2% Fe iron ore.
Published in February 2017, a feasibility study showed that resumption of mining activities at Bloom Lake was financially viable and competitive in the global iron ore industry.
The study also revealed that the Bloom Lake Mine has the potential to become one of the major long-term iron mines in the Northern Québec region. Consequently, resumption of production will have a huge impact on local, regional and provincial economies.
Spurred by this study, and following a successful commissioning in February 2018, the Company released a subsequent feasibility study in June 2019. The latest study proposed the completion of an expansion interrupted by the prior owner of the property, which would double the nameplate capacity of the Bloom Lake Mine to 15 Mtpa, supported by a mine life of approximately 20 years.
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.
Relaunching the Bloom Lake Mine required several key investments including an upgrade to the concentration plant, re-examination of the mine plan, and a new 3.5-kilometer conveyor that will truck hauling. In addition, our company now benefits from a new multi-user port granting access to Capesize vessels reducing freight costs. To this day, nearly US$4 billion were deployed on the Bloom Lake Mine complex.
The Company has made every effort in knowledge, expertise and financial resources to ensure the success of this project. The future is bright for Quebec Iron Ore!