Champion Iron’s subsidiary Quebec Iron Ore’s is set to increase its current credit facility from $200mn to $400mn for the second phase expansion of its Bloom Lake mine in Quebec.
Additionally, the company’s board has also granted permission to complete the expansion of phase 2 of the Bloom Lake project. This expansion will double the mine’s processing capacity to 15mn mt per year of high grade iron-ore.
This expansion is expected to create nearly 375 jobs in the region after the completion of the project, the Canadian miner said in statement. In Q2 2020, Champion Iron produced 2.2mn mt of high grade iron ore, up by 5pc from the prior year.