SEPT-ÎLES, LABRADOR CITY, ST-JOHN'S and MONTRÉAL, Dec. 17 /CNW Telbec/ -
Since Wednesday evening, our teams have been working day and night to
clean and repair the significant damage to more than 40 kilometres of
the QNS&L Railway. This is due to recent extreme rain and wind and has
resulted in suspension of rail operations.
Our initial assessment is that rail operations will be disrupted for
approximately 14 days as we perform the necessary work for safe
recovery, assuming stable weather conditions and no unforeseen events.
We are undertaking repairs from the north and the south, in accordance
with environmental rules and regulations.
Production operations in Labrador City have not been affected and we
have sufficient finished product stockpile capacity on site until
railway activities resume. Sept-Îles resumed shipping on Wednesday
after a 24 hour loading stoppage.
It is anticipated that customer sales will not be impacted for the month
IOC is the largest manufacturer of iron ore pellets in Canada and its
customer base covers North American, European and Asian steel
producers. The Company operates a mine, concentrator and pelletizing
plant in Labrador City, Newfoundland and Labrador, as well as port
facilities located in Sept-Îles, Quebec. It also operates a
418-kilometre railroad that links the mine to the port. IOC has
approximately 2,200 employees. Its shareholders are Mitsubishi
Corporation (26.18%), Labrador Iron Ore Royalty Corporation (15.10%)
and the international mining group Rio Tinto, majority shareholder
(58.72%) and operator, which has activities in more than 40 countries
throughout the world.
SOURCE IRON ORE COMPANY OF CANADA
For further information: For further information:
Advisor, External Relations
Phone: 1.418.968.7400 ext. 7792