Bloom Lake: Record Quarter of Production for Champion Ore Mining

0
191

Lac Bloom : record quarter of production for the Champion Ore mine

Commissioning of Phase 2 at the Bloom Lake mine has accelerated production of Champion Iron (archives).

Champion Iron reported record production of 2.3 million tonnes at its Bloom Lake mine near Fermont for the quarter that ended June 30.

This is an increase of almost 18% in production compared to the same period last year. Production at the mine is on the rise, thanks to the commissioning of a second extraction mill which was scheduled to come on stream in the summer, but which was moved up to April 2022.

In a press release, the chief executive of the mining company, David Cataford, said that the expansion of Champion Iron is thanks to the dedication and determination [of] the workers, in particular.

The new facility is Phase 2 of the Bloom Lake mine and is valued at $633 million.

During this same quarter , the company's financial results are in sharp decline, in particular due to the fall in the price of iron on the international markets.

The miner's net profits reached $41.6 million, compared to $224 million in the same quarter last year.

The mining company indicates, however, that there are still steps to be taken to reach the full potential of the installation. This should allow the plant to enter into commercial production, increase the production rate and thus lower the cost of operations per ton. Everything is planned for the end of 2022.

LEAVE A REPLY

Please enter your comment!
Please enter your name here