Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Canada-based Champion Iron Limited’s Bloom Lake mine produced a record 2.2mn mt of high-grade iron ore concentrate in Q2 of the fiscal year (Q2 FY21) after resuming work at full capacity following the lifting of COVID-19 curbs on mining activities, the company said in a statement. 


The company had reduced the capacity of the mine in Q1 due to restriction during the COVID-19 pandemic spread.


The iron ore concentrate volume increased by 5pc to 2.2mn mt as compared to 2.1mn mt in the prior-year period. In H1 FY21, the mine’s iron ore concentrate output declined by 3pc to  4.06mn mt from 4.17mn mt in the prior-year period.


The mine’s plant processed 5.5mn mt of ore in Q2 FY21, up by 2pc as compared to 5.4mn mt in the prior-year period.


The company stated that iron ore prices remained robust throughout the Q2 and H1 periods that ended on September 30, 2020, despite the economic effects of COVID-19.


It plans to double the mine’s nameplate annual capacity to 15mn mt through Bloom Lake’s Phase II expansion project with a budget of $120mn. The expansion activities include the fabrication of spiral banks, the coordination of equipment transportation on-site for spiral installation, and detailed engineering work and have been completed by 57pc.


The company runs the Bloom Lake Mining Complex through its subsidiary Quebec Iron Ore Inc.


The mine is located near Fermont in Québec and sells its iron ore concentrate to various countries, including China, Japan, the Middle East, Europe, South Korea, and India.

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