Union files complaint against Orla Mining, alleging violation of worker rights in Mexico
The complaint is only the second of its kind made from Canada using CUSMA’s RRM process since the trade deal came into force in 2020.
Champion Iron (TSX: CIA) saw its shares rise on Thursday after the company’s Bloom Lake mine in Quebec reached its expanded nameplate capacity of 15 million tonnes a year in the last 30 days.
The company reported a quarterly production record of 3.45 million wet metric tonnes of high-grade 66.1% iron concentrate for the three months ended September, a 21% increase compared with the same quarter last year.
The record production was realized despite an unscheduled outage for several days related to a major crusher failure on one of the conveyor belts, affecting the availability of the Phase 2 concentrator.
The miner sold 2.9 million dry metric tonnes of iron-ore concentrate in the quarter, up 12% from the previous quarter.
The company posted revenue of $387.6 million for the three-month period ended September 30, and net income of $65.3 million.
At a cut-off grade of 15% iron, the 2023 resource and reserve estimate for Bloom Lake totalled 1.25 billion tonnes with an average iron content of 28.7% in the measured and indicated categories, and inferred resources of 246.3 million tonnes with an average iron content of 26.6%.
The reserves for Bloom Lake are estimated at 716 million proven and probable tonnes at an average grade of 28.6% iron.
The life-of-mine average iron metallurgical recovery is 82%, with a plant feed grade of 28.6% iron and an average yearly production of 15.2 million wet metric tonnes of high-purity iron ore concentrate at 66.2% iron.
Champion shares were up 5.6% to C$5.60 apiece at mid-day in Toronto on Thursday, valuing the company at C$2.93 billion ($2.12 billion).
