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Quebec Iron Ore starts shipments from Bloom Lake

04 Apr 2018 16:26 (+01:00 GMT)
Quebec Iron Ore starts shipments from Bloom Lake

London, 4 April (Argus) — Canada's Quebec Iron Ore (QIO) is preparing to dispatch the first shipment of high-quality iron ore from its Bloom Lake mine, with 200,000 wet metric tonnes (wmt) of 66pc Fe concentrate to be delivered to Asia.

The cargo will be transported on the MV Magnus Oldendorff, which arrived at the port of Sept-Iles on 25 March. It is the first vessel to be loaded at the port's new Pointe-Noire terminal, and also marks the first usage of a new conveyor linking the stockyard to the terminal.

The vessel is being loaded almost a month earlier than previously scheduled, with the company noting that iron ore prices for 62pc Fe material are around 25pc higher than it had anticipated during initial planning. The Argus ICX 62pc seaborne fines price settled at $63.60/dmt cfr Qingdao today.

QIO — a subsidiary of Champion Iron — restarted the Bloom Lake mine in February, having acquired it from US-based Cliffs Natural Resources in December 2015. The site had been idled since November 2014. QIO plans to ramp up exports from Bloom Lake, aiming to become a major supplier to the seaborne market in the coming years.