Iron ore concentrate produced by Canadian resources company Consolidated Thompson's Bloom Lake mine is currently being loaded on board ship at Sept Iles port in Canada for delivery to steel producer Wuhan Iron and Steel Co. (WISCO) in China. The cargo, consisting of over 160,000 mt with 66.5 percent Fe content, will be the first shipment of iron ore from the Bloom Lake mine to WISCO. The vessel in question is due to set sail within a week.
In July 2009, WISCO invested a total of US$240 million in Consolidated Thompson, becoming its largest shareholder. The two companies established a limited partnership in which WISCO holds a 25 percent interest and to which Consolidated Thompson contributes its Bloom Lake property. Bloom Lake is a development-stage iron ore project that will have a 34-year mine life based on feasibility studies.
WISCO intends to achieve its target of self-sufficiency in iron ore supplies within three to five years.