Wabush 3 mine project a significant boost for Labrador West IOC

Wabush 3 mine project a ‘significant’ boost for Labrador West: IOC LABRADOR CITY, N.L. – The Wabush 3 mine project in Labrador West is going ahead with a planned investment of $79 million, the Iron Ore Company of Canada announced Thursday.The new pit to be developed as part of IOC’s ongoing operations will extend the life of the existing mine, offering hope in a region hit hard since iron ore prices crashed.“This value-driven investment will deliver significant benefits for our business, employees and surrounding communities in Labrador West and Sept-Iles for many years to come,” IOC president and CEO Clayton Walker said in a statement.Lower iron ore prices over the last three years have economically battered Labrador West. The collapse spurred layoffs at IOC and the shutdown of Wabush Mines, wiping out about 500 well-paid jobs in the one-industry community.The Wabush 3 project has cleared regulatory and environmental hurdles, but was delayed in 2015 due to sluggish prices.IOC now says construction of the new pit is expected to start in the second quarter of this year.First ore from production mining is expected in the second half of 2018, to help drive IOC’s annual capacity to 23 million tonnes from 18 million tonnes.The company says Wabush 3 gives it the best access to low-cost, quality ore to help it compete as prices remain volatile.“IOC is committed to modernizing its assets and operating model to achieve safer and more stable production,” and become “the premier mining organization in North America,” it said Thursday.The company has moved to improve productivity in recent years and has denied complaints of forced overtime. Union leaders have repeatedly raised concerns about worker fatigue and unresolved grievances. by The Canadian Press Posted Feb 23, 2017 9:49 am MDT Last Updated Feb 23, 2017 at 12:00 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more