TRANSPORTATION: Port of Sept Iles signs up mining companies

QUEBEC – The Sept Iles Port Authority has signed agreements with three more mineral producers for shipping their ores and concentrates through its facilities at Pointe Noire. The port is being expanded at a cost of $220 million, and will have a total capacity of 50 million t/y when it is completed in March 2014. The costs are being borne by the Port of Sept Iles, the Canadian government and commitment from potential end users such as mines.

New Millennium Iron Corp. of Calgary is investing $38.4 million to secure access to a minimum of 15 million t/y of shipping capacity for its direct shipping iron  ore.

Labrador Iron Mines Holdings Ltd. of Toronto plans to use 5 million t/y of capacity for its $12.8 million commitment, payable in two equal installments.

Toronto-based Champion Minerals is paying $25.6 million for access to annual shipping capacity of 10 million tonnes of iron concentrate.

The agreement cover an initial 20-year term with the option of renewal for four additional five year terms. Additional information about the Sept Iles Port Authority is available at PortSI.com.