The Iron Ore Mining Company of Canada, a subsidiary of global mining giant Rio Tinto, reported Tuesday that it is in the midst of a study to pursue expanding its mining and infrastructure assets in Labrador City, Newfoundland and Labrador and Sept Iles, Quebec.
The study will evaluate options to initially increase production to 50 million metric tons per year by 2016. The IOC is already in the process of increasing iron ore capacity to 26 million metric tons per year by 2013. The integrated study will consider multiple alternatives for the expansion, which may include new concentrators, mining pits and related mine, rail, stock handling, and port infrastructure.
"The timing is right for us to look at a project of this magnitude. With the strong market demand for iron ore, the abundance of IOC's resources and the success of our ongoing concentrate expansion program, it is clear that we need to look at how we further grow the business," commented Zoë Yujnovich, President and CEO of the Iron Ore Mining Company of Canada.