RE:RE:keep calm and Nouveau Monde On!! Mining Watch Canada Article
But the Mining Watch Canada article forgets to mention Quebec government support for Champion Iron Mines. Champion bought out Cliffs Natural Resources’, Bloom Lake operations for peanuts ($11 mm) in 2016 when iron ore prices were in the toilet. With the help of a $128 mm loan from Quebec, they were able to put Bloom Lake back into production. Bloom Lake is now wildly profitable. In the three months ended Sept 30, CIA made EBITDA earnings of $200 mm (64% margins on iron ore sales), paid $97 mm in income and mining taxes, and paid out a $17mm dividend. And that’s just for three months. Also, their Phase 2 expansion is now well underway, which will create 375 new full time jobs.
The Mookster