MONTRÉAL, June 12,
2023 /CNW/ - (SYDNEY, June 13,
2023) - Champion Iron Limited (TSX: CIA) (ASX: CIA) (OTCQX:
CIAFF) ("Champion" or the "Company") announces the resumption
of railway services from its Bloom Lake mine ("Bloom Lake") to the
port of Sept-Îles (the "Railway"). Following recent forest fires
north of Sept-Îles, Québec, on June 6,
2023, the Company announced interruptions to the Railway. As
the forest fires recently subsided in the region, no significant
damage was identified to the Railway following inspections by its
operator, resulting in a gradual reopening of services. On
June 10, 2023, the Company
successfully completed its first rail shipment from Bloom Lake to
the port of Sept-Îles since the interruptions to the Railway.
Despite supply chain challenges impacting operations, Bloom Lake
operated continuously throughout the Railway interruptions and
stockpiled iron ore concentrate at the Bloom Lake mining complex.
Following the gradual ramp-up in capacity of the Railway and
limited additional availability of rolling stock to accommodate
excess volumes beyond Bloom Lake's production capacity, the Company
expects material delays in sales of its stockpiled iron ore
concentrate at Bloom Lake.
Champion's CEO, Mr. David Cataford, said, "We sincerely
thank all involved in mitigating the impact of forest fires for the
local communities and the environment."
About Champion Iron Limited
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 a low
contaminant high-grade 66.2% Fe iron ore concentrate with a proven
ability to produce a 67.5% Fe direct reduction quality concentrate.
In January 2023, the Company
announced the positive findings of a feasibility study evaluating
upgrading half of the Bloom Lake mine capacity to a direct
reduction quality pellet feed iron ore and approved an initial
budget to advance the project. 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 sold its iron ore concentrate to
customers globally, including in China, Japan,
the Middle East, Europe, South
Korea, India and
Canada. In addition to Bloom Lake,
Champion owns a portfolio of exploration and development projects
in the Labrador Trough, including the Kamistiatusset Project,
located a few kilometres south-east of Bloom Lake, and the
Consolidated Fire Lake North iron ore project, located
approximately 40 km south of Bloom Lake.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain information and statements that
may constitute "forward-looking information" under applicable
Canadian securities laws. Forward-looking statements are statements
that are not historical facts and are generally, but not always,
identified by the use of words such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "continues",
"forecasts", "projects", "predicts", "intends", "anticipates",
"aims" "targets", or "believes", or variations of, or the negatives
of, such words and phrases or state that certain actions, events or
results "may", "could", "would", "should", "might" or "will" be
taken, occur or be achieved. Inherent in forward-looking statements
are risks, uncertainties and other factors beyond the Company's
ability to predict or control.
Specific Forward-Looking Statements
All statements other than statements of historical facts included
in this press release that address future events, developments or
performance that Champion expects to occur are forward-looking
statements. Forward-looking statements include, among other
things, the impact of forest fires on Champion's business,
operations, sales or assets, including the impact on Bloom Lake's
production, governmental authorities' responses thereto and the
timing for the Railway services and operations of third party
infrastructures to resume.
Risks
Although Champion believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such forward-looking statements involve known and unknown risks,
uncertainties and other factors, most of which are beyond the
control of the Company, which may cause the Company's actual
results, performance or achievements to differ materially from
those expressed or implied by such forward-looking statements.
Factors that could cause the actual results to differ materially
from those expressed in forward-looking statements include the
impact on the Company's business, operations or assets, the climate
and impact of weather conditions on the forest fires, the
intensification of the forest fires, the ability to control forest
fires and the impact on forest fires on the Company's business,
operations, assets or personnel, on third party infrastructure,
including the Railway and the communities where the Company works,
and include those factors discussed in the section entitled "Risk
Factors" of the Company's 2023 Annual Report, Annual Information
Form and MD&A for the financial year ended March 31, 2023, which are available on SEDAR
at www.sedar.com, the ASX at www.asx.com.au and the Company's
website at www.championiron.com. There can be no assurance that
such information will prove to be accurate as actual results and
future events could differ materially from those anticipated in
such forward-looking information. Accordingly, readers should not
place undue reliance on forward-looking information.
Additional Updates
All of Champion's forward-looking information contained in this
press release is given as of the date hereof or such other date or
dates specified in forward-looking statements and is based upon the
opinions and estimates of Champion's management and information
available to management as at the date hereof. Champion disclaims
any intention or obligation to update or revise any of the
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by law.
If the Company does update one or more forward-looking statements,
no inference should be drawn that it will make additional updates
with respect to those or other forward-looking statements. Champion
cautions that the foregoing list of risks and uncertainties is not
exhaustive. Readers should carefully consider the above factors as
well as the uncertainties they represent and the risks they
entail.
For additional information on Champion Iron Limited, please
visit our website at: www.championiron.com.
This press release has been authorized for release to the market
by the CEO of Champion Iron Limited, David
Cataford.
SOURCE Champion Iron Limited