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Champion Iron Ltd.
Summary
| Project: | Bloom Lake | |
|---|---|---|
| Deposit: | Bloom Lake | |
| Location: | Canada | |
| Commodities: | Iron | |
| Date: | 2/16/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Feasibility Study | |
| Project Stage: | Mine in Care & Maintenance | |
| Report details: | 16-2-2017: Champion Iron Ltd. announces a Feasibility Study report for its Bloom Lake deposit at the Bloom Lake project. Feasibility study results incl. post-tax NPV (8%) of $984M, IRR of 33.3%. The scope of this feasibility study was to identify areas fo | |
| Resources: | (Reserve, P+P): 411713t @ 30.01% Fe, 1.33% CaO, 4.30% Sat, 1.33% MgO, 0.35% Al2O3 at project | |
| CP/QP: | [Resources]: Rejean Sirois (G Mining ServicesInc.) | |
| ABSTRACT: | The scope of this feasibility study was to identify areas for improvement or correction prior to the planned re-start of the Bloom Lake Mine. Feasibility study level engineering was performed on each of these areas to outline work to be performed. Associated capital and operating cost estimates were generated to allow for the Bloom Lake financial model to be developed. The Bloom Lake property is located in the Labrador Trough area straddling the border between Quebec and Labrador. There are several iron ore mines in the area including Mont-Wright owned by ArcelorMittal and Carol Lake owned by Iron Ore Company of Canada (IOC). Wabush Mines, located in Labrador and once owned by Cliffs Natural Resources (Cliffs), ended its activities in 2014. The mine has already been authorized for operation under the federal environmental authority including Fisheries and Oceans Canada, Transport Canada, Natural Resources Canada and Environment Canada. There is only one pending process with the federal government associated with the 2008 authorization for destruction of fish habitats. The authorization from DFO should be issued in 2017. This process does not prevent QIO from operating the mine. Overall, a total of 38 certificates of authorization have been issued by the provincial government to the Bloom Lake iron mine in the past and the most relevant are listed in Table 20-1, Section 20. Note that infrastructure such as the pit, waste rock piles, tailing management facilities, water management structure as well as the treatment plant have all been authorized. A few of these authorizations will require modifications to consider the new mine plan including the new waste rock dumps. | |
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