Iron Ore of Canada invests CAD 289 million

Iron Ore of Canada invests CAD 289 million
Iron Ore of Canada will invest CAD 289 million as it resumes the second phase of its expansion plans to boost iron ore production in Labrador. The concentrate expansion program was suspended in 2008 as a result of the global financial crisis. This investment will raise annual concentrate capacity from 22 million tns to 23.3 million tns. A third phase currently under study will further boost production to 26 million tons. Funding approval for the third phase is expected by 2012. The CAD 289 million investment will develop Iron Ore of Canada’s magnetite processing facility and also add new spiral lines to its gravity separation circuit. Part of the investment will go towards the purchase of more mining equipment, railway cars, a locomotive and upgrades at the Wabush terminal sub substation. Rio Tinto, owner of nearly 59% of IOC, will give USD 163 million as its share of the project. Construction will begin immediately, with completion expected by 2012.

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