The processing plant at Bloom Lake where iron ore mining is expected to resume. (Credit: Champion Iron)
QUEBEC – Montreal’s Champion Iron has secured conditional financing of $31 million from Glencore International for its Bloom Lake iron ore mine reopening. As part of the deal, Champion and Glencore will enter into an off-take agreement with fixed terms for 10 years.
As a result of this agreement, Champion is reducing the amount of its previously announced public offering to $20 million from $50 million.
The Bloom Lake mine will be operated by Champion subsidiary Quebec Iron Ore. QIO has arranged a conditional financing of $220 million toward reopening. The property lies 13 km north of Fermont and 10 km north of the Mount Wright iron ore mine.
Watch the Bloom Lake video at www.ChampionIron.com.