The Bloom Lake mine has the wind in its sails
Posted on Monday July 30, 2018 at 21:47
The reopening of the Bloom Lake mine near Fermont has been profitable for Iron Ore Quebec, a subsidiary of Champion.
During the quarter ended June 30, Champion sold 1.8 million tonnes of concentrate at an average price of C $ 85 per tonne. Revenues totalling $ 150 million resulted in a profit of $ 38 million. Champion also has $ 45 million in unused lines of credit.
On the record, President Michael O'Keeffe said he wants to continue running the operations, while maintaining tight cost control. Champion has produced more than 2 million tonnes of concentrate at Bloom Lake since its restart in mid-February.
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CIA Price at posting:
$1.40 Sentiment: Buy Disclosure: Held
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