LABRADOR - DOFASCO has exercised its 90-day option to buy out its partners in the Wabush Mines iron ore joint venture, putting a halt to plans by CONSOLIDATED THOMPSON IRON MINES to purchase a majority interest. Dofasco bought out partners STELCO (44.6%) and CLEVELAND-CLIFFS (26.8%) on behalf of parent company ARCELORMITTAL of Luxembourg.
Despite this setback, development of Consolidated Thompson's Bloom Lake iron ore project continues, with production to begin in 2009. Permitting is progressing and pre-production work on the property is scheduled to start shortly. The Bloom Lake technical report is available at www.ConsolidatedThompson.com.