On April 11, 2016, Champion became the new owner of the Bloom Lake Mine facilities, acquired from the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) for approximately C$10 million.

Champion, through its wholly-owned subsidiary Quebec Iron Ore Inc., owns and operates the Bloom Lake Mining Complex, located on the south end of the Labrador Trough, approximately 13 km north of Fermont, Québec. Bloom Lake is an open-pit operation with two concentrators that primarily source energy from renewable hydroelectric power. The two concentrators have a combined nameplate capacity of 15 Mtpa and produce low contaminant high-grade 66.2% Fe iron ore concentrate with a proven ability to produce a 67.5% Fe direct reduction quality iron ore concentrate. Benefiting from one of the highest purity resources globally, the Company is investing to upgrade half of the Bloom Lake mine capacity to a direct reduction quality pellet feed iron ore with up to 69% Fe. Bloom Lake’s high-grade and low contaminant iron ore products have attracted a premium to the Platts IODEX 62% Fe iron ore benchmark. The Company ships iron ore concentrate from Bloom Lake by rail, to a ship loading port in Sept-Îles, Québec, and has delivered its iron ore concentrate globally, including in China, Japan, the Middle East, Europe, South Korea, India and Canada.

GROUNDBREAKING INVESTMENTS

As of June 2024, over US$4.5 billion have been invested in the Bloom Lake Mine complex.

Significant investments and structural changes were completed prior to the successful recommissioning of the project in February 2018 including: a new 3.5-kilometre conveyor connecting the mine and plant, an upgrade to the concentrator plan, and access to a new multi-user berth at Pointe-Noire. In November 2020, the Company’s Board of Directors provided final approval to complete the Bloom Lake Phase II expansion project, which aimed to double the nameplate capacity of Bloom Lake to 15 Mtpa of high-purity iron ore concentrate. The first shipment of concentrate produced from the Phase II plant was railed in May 2022 and commercial production reached in late 2022.

With significant available liquidity and allocation of additional hydroelectric power from Hydro-Québec, securing access to renewable power required for the DRPF project, the Board provided a final investment decision to proceed with the DRPF project on January 30, 2024. The DRPF project final investment decision secures the project’s expected commissioning in the second half of calendar year 2025.

A PROVEN TRACK RECORD

Following the release of the Phase I Feasibility Study in February 2017, Champion successfully recommissioned the project on time and on budget in February 2018. During the first quarter of the 2023 financial year, the Company successfully commissioned the Phase II processing plant, doubling Bloom Lake’s expected nameplate capacity to 15 Mtpa.

Along with this track record, access to infrastructure, a long mine life, quality reserves with low contaminants and aligned communities and partners, Bloom Lake rapidly gained recognition as a sustainable supplier of high-purity iron ore globally.

See the latest Bloom Lake Technical Report »