The Iron Ore Company announced today it is once again expanding its mining operations at Labrador City.
IOC will spend US$401 million on the first of a three-stage expansion.
The first stage will increase IOC's annual production of concentrate by four million tonnes to a total of 22 million tonnes by 2012.
By the final stage of expansion, IOC expects to increase concentrate capacity to 26 million tonnes.
The expansion was initially announced in 2008, but shelved the plan a few months later as world markets declined during the global financial crisis.
"Some uncertainty and potential volatility remain about global economic recovery, but global iron ore and steel markets have rebounded strongly and demand growth looks set to continue," said Sam Walsh, IOC chairman and Rio Tinto chief executive, in a news release.
"This expansion program is a significant step towards realizing the full potential of our IOC operations. IOC's assets and high quality product, position us strongly for future iron ore demand growth in North America, Europe and Asia."
IOC?is majority owned by mining giant Rio Tinto.
IOC expansion on again
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Published on
May 6, 2010
- Published on June 30, 2010
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Staff ~ The Telegram
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Comments
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- Penney
- - July 2, 2010 at 15:01:58
Must be pretty bad Lab12. Sounds like you're ready to leave. Think it's any better anywhere else in the province besides St. John's?
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- Lab12
- - July 2, 2010 at 15:01:17
Right on, now we can fetch the $300,000 range for our homes just like St. Johns, heck even more now :-) Just remember we have no health care up here, and if you need an air ambulance that is still a little sketchy. Doctors are hit and miss when you can get one and we only have one Walmart so get in line now.
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- Penney
- - July 2, 2010 at 15:00:25
Great news!
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- Penney
- - July 1, 2010 at 21:50:39
Must be pretty bad Lab12. Sounds like you're ready to leave. Think it's any better anywhere else in the province besides St. John's?
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- Lab12
- - July 1, 2010 at 21:49:42
Right on, now we can fetch the $300,000 range for our homes just like St. Johns, heck even more now :-) Just remember we have no health care up here, and if you need an air ambulance that is still a little sketchy. Doctors are hit and miss when you can get one and we only have one Walmart so get in line now.
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- Penney
- - July 1, 2010 at 21:48:13
Great news!
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