Champion Iron secures $180M debt financing

Company News

by Roma Christian

Champion Iron Limited (ASX:CIA) has secured USD$180 million of debt financing conditional commitments, to restart its Bloom Lake Iron Ore Mine in Fermont, Quebec.

The company says it has secured funding from la Caisse and Sprott Resource Lending for its subsidiary Quebec Iron Ore Inc.

The transaction involves a US$80 million 5-year secured loan from Sprott, and a US$100 million 7-year subordinated loan from Caisse.

Champion Iron says after filing the Bloom Lake Feasibility Study earlier this year, it has focused on restarting the mine, which may be as early as Q1 2018.

Shares in Champion Iron Limited (ASX:CIA) are trading 1.5 per cent lower to $1.08.