Montreal, Quebec, Canada-based iron ore producer Consolidated Thompson Iron Mines Ltd. (CLM) has posted its unaudited interim consolidated financial statements and period highlights for the first quarter ended March 31, 2010.
The company said that Bloom Lake mine site development is completed and over 200,000 mt has been produced and stockpiled at the mine site, pointing out that a total of CA$514.1 million (US$497.6 million) had been spent on the development of the mine.
CLM continued its rapid development of the railroad, completed shortly after the first quarter, and Pointe-Noire port infrastructures during the first quarter of 2010, the company statement said, adding that a total of CA$169.8 million (US$164.3 million) had been spent on this infrastructure.
The company was also granted the operational permit for the Bloom Lake 31-km railway in the first quarter.
As of March 31, 2010, the CLM had total cash resources of $184 million (US$178.1 million).
The company signed a confidential agreement to sell and deliver 250,000 mt of iron ore concentrate in May 2010 with the possibility of an additional 200,000 in June 2010. In January 2010, the corporation had already entered into a 10-year off-take agreement of 1 million mt per year at market price with SK Networks.