{"id":1122341,"date":"2019-06-20T21:16:00","date_gmt":"2019-06-20T21:16:00","guid":{"rendered":"https:\/\/www.mining.com\/?p=994420"},"modified":"2019-06-20T21:16:00","modified_gmt":"2019-06-20T21:16:00","slug":"champion-iron-unearths-33-4-irr-for-bloom-lake-expansion","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1122341","title":{"rendered":"Champion Iron unearths 33.4% IRR for Bloom Lake expansion"},"content":{"rendered":"<p>Montreal\u2019s&nbsp;Champion Iron&nbsp;must like the feasibility study done for the phase two expansion of its Bloom Lake iron mine 400 km north of Sept-Iles, near the town of Fermont. The after tax internal rate of return is a healthy 33.4% and the net present value is $1.53 billion.<\/p>\n<p>The expansion would double output to 15 million tonnes of 66.2% iron concentrate annually. The initial capital requirement is $589.8 million. After 21 months of construction, the life of the mine would be 20 years. Proven and probable reserves are estimated to be 807 million tonnes averaging 29.0% iron.<\/p>\n<p>A second concentrator is to be built, largely based on the existing mill but with minor changes to improve performance. The main change will be the addition of a scavenger circuit to boost recovery and respond to feed variations. The major processing equipment is currently at the mine site thanks to previous owner&nbsp;Cliffs Natural Resources, that&nbsp; abandoned its attempt to expand Bloom Lake.<\/p>\n<p>The Champion board has already approved a budget of $68 million to advance work on the expansion through the end of the year. The company expects to complete additional financing by mid-2020.<\/p>\n<p><em>This story first appeared in the <\/em><a href=\"http:\/\/www.canadianminingjournal.com\/\"><em>Canadian Mining Journal<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The expansion would double output to 15 million tonnes of 66.2% iron concentrate annually.<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[369,4],"tags":[],"class_list":["post-1122341","post","type-post","status-publish","format-standard","hentry","category-miningcom","category-news"],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1122341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1122341"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1122341\/revisions"}],"predecessor-version":[{"id":1122345,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1122341\/revisions\/1122345"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1122341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1122341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1122341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}