MONTRÉAL, Dec. 18,
2024 /CNW/ - (Sydney, December
19, 2024) - Champion Iron Limited (TSX: CIA) (ASX:
CIA) (OTCQX: CIAFF) ("Champion" or the "Company") announces
resuming iron ore concentrate shipping activities following
completed repairs at its train load-out facility at the Bloom Lake
mine ("Bloom Lake"), utilized to ship iron ore concentrate by
railway to the port of Sept-Îles, Québec (the "Load-Out"). On
December 10, 2024, the Company
announced an unforeseen interruption of shipping activities
following a breakage of machinery at the Load-Out, which occurred
on December 3, 2024. On December 17, 2024, the Company completed
necessary repairs to the Load-Out, and it is currently
collaborating with third-party infrastructure operators to
gradually resume shipping activities. In tandem with the Load-Out
repairs, the Company took the opportunity to complete additional
maintenance to specific facilities, which slightly impacted
production. Throughout the shipping interruptions, the Company
stockpiled produced iron ore concentrate at Bloom Lake, which is
expected to be shipped in future periods. While the events
inevitably impacted the sales of iron ore concentrate, the Load-Out
was repaired at a relatively negligible cost to the Company.
About Champion Iron Limited
Champion, through its wholly-owned subsidiary Quebec Iron Ore
Inc., owns and operates the Bloom Lake Mining Complex, located on
the south end of the Labrador Trough, approximately 13 km north of
Fermont, Québec. Bloom Lake is an
open-pit operation with two concentration plants that primarily
source energy from renewable hydroelectric power, having a combined
nameplate capacity of 15 Mtpa and producing low contaminant
high-grade 66.2% Fe iron ore concentrate with a proven ability to
produce a 67.5% Fe direct reduction quality iron ore concentrate.
Benefiting from one of the highest purity resources globally, the
Company is investing to upgrade half of the Bloom Lake mine
capacity to a direct reduction quality pellet feed iron ore with up
to 69% Fe. Bloom Lake's high-grade and low contaminant iron ore
products have attracted a premium to the Platts IODEX 62% Fe iron
ore benchmark. The Company ships iron ore concentrate from Bloom
Lake by rail, to a ship loading port in Sept-Îles, Québec, and has
delivered its iron ore concentrate globally, including to
China, Japan, the Middle
East, Europe, South Korea, India and Canada. In addition to Bloom Lake, Champion
owns a portfolio of exploration and development projects in the
Labrador Trough, including the Kamistiatusset Project, located a
few kilometres south-east of Bloom Lake, and the Cluster II
portfolio of properties, located within 60 km south of Bloom
Lake.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain information and statements
that may constitute "forward-looking information" under applicable
securities laws. Forward-looking statements are statements that are
not historical facts and are generally, but not always, identified
by the use of words such as "plans", "expects", "is expected",
"budget", "scheduled", "estimates", "continues", "forecasts",
"projects", "predicts", "intends", "anticipates", "aims", "targets"
or "believes", or variations of, or the negatives of, such words
and phrases, or state that certain actions, events or results
"may", "could", "would", "should", "might" or "will" be taken,
occur or be achieved. Inherent in forward-looking statements are
risks, uncertainties and other factors beyond the Company's ability
to predict or control.
Specific Forward-Looking Statements
All statements other than statements of historical facts
included in this press release that address future events,
developments or performance that Champion expects to occur are
forward-looking statements. Forward-looking statements include,
among other things, Management's expectations regarding the
resumption of normal shipping activities and its timeline,
shipping of stockpiled iron ore concentrate and the impact of the
interruptions at the Load-Out and shipping interruptions on the
Company's operations, sales and financial results.
Risks
Although Champion believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such forward-looking statements involve known and unknown risks,
uncertainties and other factors, most of which are beyond the
control of the Company, which may cause the Company's actual
results, performance or achievements to differ materially from
those expressed or implied by such forward-looking statements.
Factors that could cause the actual results to differ materially
from those expressed in forward-looking statements include, without
limitation failure of plant, equipment or processes to operate as
anticipated, as well as those factors discussed in the section
entitled "Risk Factors" of the Company's 2024 Annual Report, Annual
Information Form and MD&A for the financial year ended
March 31, 2024, which are available
on SEDAR+ at www.sedarplus.ca, the ASX at www.asx.com.au and the
Company's website at www.championiron.com. There can be no
assurance that such information will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such forward-looking information. Accordingly,
readers should not place undue reliance on forward-looking
information.
Additional Updates
All of Champion's forward-looking information contained in this
press release is given as of the date hereof or such other date or
dates specified in the forward-looking statements and is based upon
the opinions and estimates of Champion's Management and information
available to Management as at the date hereof. Champion disclaims
any intention or obligation to update or revise any of the
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by law.
If the Company does update one or more forward-looking statements,
no inference should be drawn that it will make additional updates
with respect to those or other forward-looking statements. Champion
cautions that the foregoing list of risks and uncertainties is not
exhaustive. Readers should carefully consider the above factors as
well as the uncertainties they represent and the risks they
entail.
For additional information on Champion Iron Limited, please
visit our website at: www.championiron.com.
This press release has been authorized for release to the market
by the CEO of Champion Iron Limited, David
Cataford.
SOURCE Champion Iron Limited
