Champion Iron sees first one million tonnes shipped | Finance News Network

Champion Iron sees first one million tonnes shipped

Company News

by Rachael Jones

Quebec Iron Ore Inc., a Champion Iron (ASX:CIA) subsidiary, has produced and shipped its first one million tonnes of high-grade iron concentrate from its Bloom Lake Iron Ore Mine in Quebec, Canada.

This happened ahead of schedule and highlights the successful ramp up of Bloom Lake since the company announced the mine’s restart in November 2017.

It’s anticipated the mine will reach its annual full capacity by the end of June.

The delivery and sale of the Bloom Lake iron ore concentrate to end-users in Asia, Europe and the Middle East is being completed at a time where significant premiums are being paid for high quality 66 per cent concentrate.

This is a positive start for a mine that is forecast to generate over 15 billion Canadian dollars in revenue over the next 20 years.

Shares in Champion Iron (ASX:CIA) closed down -2.21% to $1.33 yesterday
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.