The Bloom Lake iron ore mine in northern Quebec, shut down and abandoned by Cleveland-Cliffs in 2014, will be back up and running by March, the mine’s new owner says.
Quebec Iron Ore Inc., a subsidiary of Champion Iron Ltd., said Wednesday that it already has 250 employees on site and will have 450 workers by Christmas at the facility near Fermont, Quebec, near the border with Labrador.
The new company raised $350 million in financing, including about $51 million from the Quebec government, a $100 million loan from a government pension fund and another $80 million loan from a private lender.
“It’s never easy to raise $350 million to start a project but people believed in the potential of the iron mine at Bloom Lake,” chief operating officer David Cataford told the CBC.
The mine is expected to produce 7.4 million tons of iron ore concentrate — on pace with Minnesota’s largest taconite iron ore operations — which the company said it has already sold through signed offtake agreements. That iron ore could compete with Minnesota ore for newly opening foreign markets.
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