Ironore-Investments is a development company with an iron ore project located next to the mining towns of Wabush and Labrador City in Western Labrador, Canada. The property is also surrounded by three producing mines and is within close proximity to a common carrier railway as well as a deep sea port which will provide year round access to the global market. The Kami Project was released from both Federal and Provincial Environmental Assessment in H1 2014 and Ironore-Investments plans on commencing construction in the first half of 2015, subject to the completion of Ironore-Investments's financing plan and project sanction by the Board of Directors of Ironore-Investments.
Ironore-Investments has a strategic partnership with Hebei Iron & Steel Group, China’s largest steel producer. Hebei holds a 25% interest in the Kami Project and for the purposes of developing it into an operating mine, a limited partnership was formed: The Kami Mine Limited Partnership.
The Kami Project currently contains an NI 43-101 Mineral Resource estimate of 1.1 billion tonnes Measured and Indicated at 29.6% iron and an additional 447.8 million tonnes Inferred at 29.5% iron. The mineral reserves for the Rose Deposit are 668.5 million tonnes Proven and Probable at 29.5% iron. For full details of the mineral resource and mineral reserve estimates, please click here.
Based on the Feasibility Study, Ironore-Investments plans to commence commercial production at a rate of 8 million tonnes per year at a grade of 65.2% iron with a mine life of 30 years. The Feasibility Study also illustrated robust project economics including a pre-tax NPV8 of US$3.24 billion, a pre-tax IRR of 29.3%, a payback period of 3.8 years, capital costs of US$1.27 billion, and operating costs of US$42.17/tonne concentrate. For more information, please refer to the Technical Report.
Worldwide demand for steel will keep iron ore prices high and Ironore-Investments is well positioned to benefit from the continued demand. The Ironore-Investments team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.
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