Champion Iron reports record production in Q3

Champion Iron (TSXV: CIA) has reported increased production in Q3, as operations at the Bloom Lake mine in Quebec returned to full operational capacity.

Bloom Lake produced 2.2 million tonnes of high-grade iron ore concentrate during the three months to September, up from the 2.1 million tonnes produced in the same period of 2019.

The miner reported revenues of C$311 million and C$555 million for the three and six-month periods ended September 30, 2020, respectively, compared to C$160.4 million and C$438.3 million for the same periods in 2019.

Earnings before interest, taxes, depreciation and amortisation reached C$197.8 million for the three months under review, and C$325.5 million for the six months ended September, compared with the C$62.6 million and C$229.5 million reported respectively for the previous corresponding periods.

In connection with Bloom Lake’s Phase II expansion project, which proposes to double the mine’s nameplate capacity to 15 Mtpa, the company increased the Phase II cumulative budget by an additional C$22 million, for a total budget of C$120 million.

“Our team’s agility in adapting operations is unlocking the full potential of our flagship Bloom Lake Mine, resulting in record quarterly production and financial results for our company,” Champion CEO David Cataford said in a media release.

Midday Wednesday, Champion’s stock was up 2.7% on the TSE. The company has a C$1.42 billion market capitalization.