Champion Iron subsidiary, Quebec Iron Ore Inc., C$5.2milhttps://www.marketwired.com/press-release/champion-iron-subsidiary-quebec-iron-ore-inc-granted-c52-million-financial-assistance-asx-cia-2220217.htm
Champion Iron subsidiary, Quebec Iron Ore Inc., Granted C$5.2 Million in Financial Assistance from Government of Quebec's "Green Fund" for Energy Conversion Projects at its Bloom Lake Mine, Fermont, Quebec
MONTREAL, QC--(Marketwired - June 05, 2017) - Champion Iron Limited (ASX: CIA) (TSX: CIA) ("Champion" or the "Company"), is pleased to announce that its subsidiary Quebec Iron Ore Inc. ("QIO") has been granted C$5.2 million in financial assistance from the Government of Quebec's "Green Fund" in connection with two energy conversion projects at its Bloom Lake Iron Mine ("Bloom Lake"), located near Fermont, Quebec. The grant was announced at the Bloom Lake site, earlier today, by Mr. Pierre Arcand, Minister of Energy and Natural Resources, Minister responsible for the Plan Nord and the Minister responsible for the Cte-Nord region. The announcement also included the participation of Mr. Michael O'Keeffe, Chairman and CEO of Champion and QIO, and it was attended by members of the media and Champion and QIO personnel.
Financial assistance from the Green Fund falls within the framework of the Government of Quebec's "EcoPerformance Program under the 2013-2020 Action Plan on Climatic Change".
The first energy conversion project at Bloom Lake involves the replacement of a steam boiler which had operated utilizing light fuel oil with an electrode steam boiler in the plant's main boiler room. The new boiler will meet a significant portion of the demand for process steam as well as mid-season heating requirements. The switch from fuel oil to electric heating will not only reduce the fuel consumption of the mine, but also reduce the environmental footprint and operating costs.
The second project involves the installation of an overhead conveyor for the transport of iron ore. The mined ore was historically transported by trucks with a 240 tonne capacity to the crusher and then transported on a conveyor to the storage site. The new overhead conveyor will significantly reduce the use of trucks, thus reducing QIO's diesel consumption by a projected 3,400,000 litres.
Significantly, the two energy conversion projects will reduce Bloom Lake's greenhouse gas emissions by 19,689.2 tonnes equivalent CO2 per year, which is equivalent to removing approximately 5,800 light vehicles from roads annually.
Minister of Energy and Natural Resources, Mr. Pierre Arcand, stated: "With the 2030 Energy Policy, our government has set ambitious targets for the use of less harmful energy sources and the efficiency with which we use them. It is by supporting companies such as Quebec Iron Ore, which already participates fully with our energy transition goals, that we will succeed in developing and modernizing Quebec's economy."
Michael O'Keeffe, Chairman and CEO of Champion and QIO, added: "This announcement is part of a broad plan to make our facilities more streamlined and energy-efficient in order to minimize our environmental footprint. Our goal is to restart the Bloom Lake Mine and realize on the great potential it has for the benefit of local and indigenous communities, while keeping at the forefront our respect for the environment with the complicity of our first-time partner, the Government of Quebec."