LABRADOR – The strong demand for steel and the iron ore that goes into its production has given IRON ORE COMPANY OF CANADA (IOC) the profits it needs to invest in its mine and concentrator near Schefferville. The company has announced spending plans that total $65 million in less than a month.
Today (June 1), IOC said it is spending $9 million on three Komatsu 830E haulage trucks with nominal payloads of 218 tonnes each. The first new truck has already been delivered and has been hauling loads since April. The second truck was operational in May and the third will be in July.
Yesterday (May 31), IOC said it is committed to spending $31 million on a concentrator retrofit. The program calls for replacing eight 33-year-old lines of Humphrey spirals with Reichert WW 6 spirals to increase plant capacity. Two of the lines have already been changed out, and the remaining six will be replaced and operational by October 2006.
On May 19, IOC announced a $26-million investment in seven new locomotives for its railway, which carries iron pellets from Labrador City to its port in Sept-Iles, Que. Each of the three General Electric AC-4400 locos will cost US$2.4 million. They were chosen for their superior traction when compared with the units currently in use. The new locos are expected to arrive in Sept-Iles by mid-September and be in operation no later than December.
Information on how to contact the company is available at www.IronOre.ca.