The Iron Ore Co. of Canada (IOC) says it is optimistic about its operations and expansion activities for 2014, but its outlook remains cautious.
Zoë Yujnovich, president and CEO of the Iron Ore Co. of Canada, said things are looking good for the future of the company in Labrador West.
— TC Media file photo
“The iron ore market is expected to be volatile in the short term with those challenges,” said Zoë Yujnovich, IOC’s president and CEO.
“That said, the company has invested in the expansion for the year to come.”
This includes the first phase of the parallel delivery system and grinding mill being commissioned, noted Yujnovich. There is also the second phase that consists of additional spirals for the infrastructure.
Yujnovich said there has also been some confusion as of late over the proposed Wabush 3 Open Pit Project in Labrador
“Basically, Wabush Mine 3 is an extension of our existing operations and is not part of Wabush Mines,” she explained.
“It is the next pit that IOC would be operating in.
“This is a common process as there are 10 operating pits and is part of sustaining the operation when one source is depleted.”
The president noted there is no new equipment associated with Wabush Mine 3.
“There is an electrically powered P&H rope shovel to be used and 600-700 employees already at the IOC mine are redirected in the maintenance work and road crews. There is the possibility of bringing in 90 people for the development.”
Yujnovich said the company is in the early stages of an environmental impact study (EIS), and in the coming months, there will be an open house and public consultations on Wabush Mine 3.
Other groups and stakeholders include the Menihek and Smokey Mountain ski clubs along with aboriginal organizations which have been invited to review the EIS guidelines that were drafted. The deadline for written comments is Nov. 12, 2013.
These will be reviewed and considered before the environmental assessment guidelines are finalized and issued to IOC.