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Champion Iron Ltd.
Summary
| Project: | Bloom Lake | |
|---|---|---|
| Deposit: | Bloom Lake | |
| Location: | Canada | |
| Commodities: | Iron | |
| Date: | 7/31/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Feasibility Study | |
| Project Stage: | Mine in Care & Maintenance | |
| Report details: | 31-7-2017: Champion Iron Ltd. announces a Feasibility Study report for its Bloom Lake deposit at the Bloom Lake project. Amended FS with a change to QP's results incl. post-tax NPV (8%) of $984M, IRR of 33.3%. In December 2006, an environmental impact ass | |
| 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 Services Inc.) | |
| ABSTRACT: | In December 2006, an environmental impact assessment of the Bloom Lake mine project was submitted to the agencies. Decree 137-2008 authorizing the project was adopted on February 20, 2008 by the provincial government. Consolidated Thompson Iron Mines Limited began the construction of the mining infrastructures in 2008 and commenced mining operations in 2010 with the phase 1 concentrator plant (referred to as phase 1 plant in the document). As part of an expansion plan to increase the mine production, the design and construction of a second concentrator plant (referred to as phase 2 plant in the document) was initiated to increase nominal capacity to about 15 million tonnes of concentrate per annum. The mine was sold to Cliffs Natural Resources Inc. (Cliffs) in 2011, which continued the phase 2 construction project and conducted mining operations until they were suspended in December 2014. The site was employing about 600 people. In January 2015, Cliffs sought creditor protection under Companies’ Creditors Arrangement Act (CCAA), resulting in the mine being then put on a care and maintenance program, and placed into creditor protection. In April of 2016, Champion Iron Limited (Champion), acquired the Bloom Lake assets through its subsidiary Quebec Iron Ore Inc. (QIO) and the Quinto Claims for a cash consideration of C$10.5 million ($9.75 M for Bloom Lake and $0.75 M for Quinto) and the assumption of liabilities. Quebec Iron Ore Inc. is 63.2% owned by Champion Iron Limited, with the remaining 36.8% equity interest owned by Ressources Quebec through its fund “Mines & Hydrocarbons”, acting as a mandatory of the Government of Quebec. Under the asset purchase agreement, Quebec Iron Ore Inc. has become responsible for bonds securing obligations of Bloom Lake, totalling approximately C$1.1 million, plus the assumption of reclamation obligations in the amount of about C$41.7 million | |
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