Rinehart’s Hancock weighs $3.3 billion iron ore mine project
Hancock acquired a 51% interest in the Mt Bevan project from Legacy Iron Ore Ltd. and Hawthorn Resources.
After a bounce earlier this week benchmark iron ore price declined again on Thursday to trade $47.80 a tonne, levels last seen almost a decade ago. After losing 47% of its value last year, the steelmaking ingredient is down nearly 30% this year.
The slump in the price claimed another victim today after the Iron Ore Company of Canada, majority owned by Rio Tinto, announced it is sending out 150 layoff notices.
IOC employs roughly 2,500 people in Labrador West and Quebec in eastern Canada and produced 15 million tonnes in 2013.
Ron Thomas, president of Local 5795 of the United Steelworkers, said the layoffs will affect all janitor and labourers, 118 operator and maintainers, and three carpenters reports the The Telegram.
The layoffs will go by seniority and will be effective June 14.
Comments
rockhound17
Events like this are quite disturbing. As a Engineering Geologist I was never effected by such a quagmire. My heart goes out to these individuals and their families. I would hope for a quick rebound in price and all wheels of profitability can resume forward.