Champion Iron Ore (ASX:CIA) has announced it is positioning itself to be one of the lowest capital cost iron ore mines in the world.
The company is optimistic its recently acquired Bloom Lake Mine in Quebec, Canada, will be able to deliver 7 million tons of iron ore per year after a number of operational improvements.
Historically, operations at the mine have delivered annual volumes of 6 million tons of iron fines at 66% elemental Iron.
The Bloom Lake Mine is a joint venture with the Quebec government, with the company also in discussions to advance projects to improve rail and port access.
Champion Iron reported a net loss of $2.4 million at 30 September 2015.