MINING: Wabush 3 Successfully Approved

“Today marks a significant milestone in IOC’s history. Wabush 3 was successfully approved largely in part due to the strong support from our stakeholder and community partnerships. IOC undertook extensive consultation to receive feedback and create mutually beneficial solutions to opportunities and challenges associated with the project development. This investment will deliver benefits for our business, employees and surrounding communities for many years to come, by increasing the life of the mine and offering continued employment.” said Clayton Walker, President and CEO of the Iron Ore Company of Canada.

The Honourable Dwight Ball, Premier of Newfoundland and Labrador, and Clayton Walker, President and CEO, Iron Ore Company of Canada, officially opened Wabush 3 in Labrador West. Also attending the event was the Honourable Siobhan Coady, Minister of Natural Resources and Graham Letto, Parliamentary Secretary for Natural Resources and MHA for Labrador West.

Wabush 3 is a new open pit that will extend the life of the current mine by approximately 50 years, maintain production of high quality grade iron ore concentrate and pellets, and secure employment. “The development of Wabush 3 provides long term sustainability for IOC and the people of Labrador West. This investment is a significant commitment that will secure the life of the operation for many years into the future,” said Graham Letto, Parliamentary Secretary for Natural Resources, MHA for Labrador West.

Projects such as Wabush 3 highlight government’s efforts to partner with industry players to position the province globally as a preferred location for mineral exploration and mining development. A provincial mineral strategy – a key initiative under The Way Forward – will be launched in partnership with Mining NL and community stakeholders to continue positive new developments.

The Way Forward outlines all actions the Provincial Government is taking to achieve a strong, diversified province with a high standard of living, and can be viewed at thewayforward.gov.nl.ca. “I would like to thank the Iron Ore Company of Canada for their continued investment in Labrador and our province. Wabush 3 will extend production, resulting in more than 50 years of additional mining activity, more jobs and more spin-off benefits for local businesses. Today’s announcement further reflects that our Way Forward to strengthen the economy is working,”  said Honourable Dwight Ball, Premier of Newfoundland and Labrador.

Honourable Siobhan Coady, Minister of Natural Resources explains, “We recognize the importance of the Wabush 3 project for sustaining operations at Iron Ore Company of Canada and for contributing to the economy of our province. We are committed to further building the Labrador Trough. Our work will continue as we plan our Way Forward together with industry and community stakeholders.”

More on Wabush 3

On February 23, 2017 IOC announced a CAD$79 million investment by the IOC Board of Directors.  Wabush 3 is a new pit that will be developed within IOC’s existing mine operations and will utilize its existing maintenance, ore delivery, processing and tailings management facilities as well as other aspects of IOC’s current infrastructure and activities in the region. It will also extend the life of the mine, reduce operating costs and increase production of quality grade iron concentrates and pellets.

The Wabush 3 pit will be developed adjacent to Luce pit and construction is expected to start in the second quarter of 2017. First ore from production mining is expected in the second half of 2018, helping IOC ramp up annual capacity from 18 million tonnes towards 23 million tonnes.
IOC is committed to ensuring that project construction and operations are conducted in an environmentally acceptable manner and to continuing meaningful engagement with all stakeholders.

It’s important for IOC to modernize assets and the operating model to achieve safer and more stable production, with the objective of being a lower cost producer of quality grade iron concentrates and pellets for the steel industry, and make IOC the premier mining organization in North America.

IOC

The Iron Ore Company of Canada (IOC) is a leading Canadian producer of iron ore pellets and concentrate serving customers worldwide.
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