IRON ORE: IOC approves $79M for Wabush 3 mine

LABRADOR – Montreal-based Iron Ore Company of Canada has decided to go forward with the $79-million Wabush 3 pit. The new pit will be developed south of and adjacent to the operating Luce pit at Labrador City. [caption id="attachment_1003717312" align="alignleft" width="250"] Proposed layout of the Wabush 3 project.[/caption] IOC says Wabush 3 will extend the life of the Carol operations by 40 years. The new pit will also keep the concentrator working at full capacity and reduce costs per tonne treated. The project will use existing maintenance, ore delivery, processing and tailings management facilities. All key permits have been received, and the 12-month development period will begin in Q2 2017. First ore production is expected in the second half of 2018 as IOC increases annual output to 23 million tonnes from 18 million tonnes. The Wabush 3 site covers 464 ha, most of which is greenfield. Mine surface water will be directed to a settling pond employing the same treatment techniques as are currently in use for surface water from the Luce pit. The proposed sites for waste rock disposal and overburden storage are located well away from the Beverly Lake watershed. Further information is posted at www.IronOre.ca.