MONTRÉAL, July 13,
2024 /CNW/ - (Sydney, July 14,
2024) - Champion Iron Limited (TSX: CIA) (ASX: CIA)
(OTCQX: CIAFF) ("Champion" or the "Company") is temporarily
shutting down operational activities at its Bloom Lake mine in
response to forest fires north of its operations.
In the evening of July 12, 2024
(Montréal time), the community of Labrador City, located approximately 20
kilometres from Bloom Lake, was ordered to evacuate. With the
forest fires now only a few kilometres from Bloom Lake and to
prioritize the safety of its employees, the Company initiated its
emergency response protocol and is gradually evacuating its
workforce.
Champion is collaborating with local and regional
authorities and mobilized teams, including its fire brigade, to
mitigate the impact of the forest fires on its infrastructure and
initiated preventive measures to protect higher risk
facilities.
The Company expects to provide additional information as the
situation evolves.
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 concentrators that primarily source
energy from renewable hydroelectric power. The two concentrators
have a combined nameplate capacity of 15 Mtpa and produce 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 in
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 forest
fires, their evaluation, their magnitude and potential impact on
the communities and Champion's workforce, infrastructure and
operations and mitigation thereof, the response measures and their
effectiveness, the related collaboration with the government and
communities, and the development of the forest fires generally.
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, the factors discussed in the section entitled "Risk
Factors" of the Company's 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