Canadian Mining Journal


IRON ORE: Champion Iron closes acquisition of Bloom Lake property

QUEBEC – Champion Iron of Montreal has completed a $30 million financing and closed the acquisition of the Bloom Lake iron ore mine 400 km north of Sept-Iles. The deal included includes the former producer, related rail assets, and the claims formerly belonging to Quinto Mining.

A Champion Iron subsidiary, Quebec Iron Ore, paid $10.5 million for the Bloom Lake assets and assumed liabilities totaling $42.7 million related to environmental obligations.

Champion Iron completed the $30 million financing by issuing 187.5 million ordinary shares at a price of $0.16 per share. The proceeds were used to pay for the Bloom Lake acquisition and to provide working capital.

For further information about the company’s plans in the Labrador trough, see