Quebec railroad to haul iron ore concentrate from Bloom Lake mine

Quebec North Shore and Labrador Railway Co. Inc. (QNS&L) and Champion Iron subsidiary Quebec Iron Ore Inc. (QIO) have signed a contract for the transportation of iron ore concentrate generated from Bloom Lake Iron Mine near Fremont, Quebec.

The agreement calls for iron ore concentrate from the Bloom Lake mine to be carried on the QNS&L from the Wabush Lake Junction in Labrador City, Newfoundland and Labrador, to Sept-Iles, Quebec.

Financial terms of the agreement were not disclosed.

"This agreement will ensure long-term access to some of the world's largest consumers of iron ore for our future high-quality product," said Michael O'Keeffe, chairman and chief executive officer of QIO. "The signing of this rail transport agreement also marks yet another significant milestone in the Bloom Lake restart."

In April 2016, QIO acquired the Bloom Lake assets from affiliates of Cliffs Natural Resources Inc. that were subject to restructuring proceedings under Canada's Companies' Creditors Arrangement Act.