Australian iron ore miner, Champion Iron plans to focus on doubling its production capacity at the Quebec, Canada-based Bloom Lake mine’s new phase 2 expansion project.
The Bloom Lake mine produced 1.93mn mt of iron ore concentrate in Q1 FY2022 (ending June 30, 2021) increasing 8pc from 1.79mn mt in Q1 FY2021.
The mine’s iron ore concentrate sales volume in Q1 FY2022 grew by 12pc to 1.97mn mt compared to 1.75mn mt in Q1 FY2021 and its total material mined and hauled, including ore and waste products, increased by 42pc to 10.3mn mt from 7.2mn mt in the same timeframe.
The mine’s revenue rose by 123pc in Q1 FY2022 to C$545mn ($438mn) compared to C$244.5mn in Q1 FY2021. EBITDA increased by 212pc to C$405mn in Q1 FY2022 against C$130mn in Q1 FY2021.