Rio Tinto (ASX: RIO) subsidiary The Iron Ore Company of Canada (IOC) and Labrador City have signed an agreement whereby IOC will donate 34 hectares of land valued at approximately C$4.2 million ($3.1m) to the City.
The donated land is made of 17 separate parcels located in different parts of the town that together represent an area equivalent to 48 football fields.
A parcel will be developed by the Town as a green space dedicated to senior citizens, including benches and signage. Over the next few months, the Town of Labrador City will be assessing how the remaining land will be used for the benefit of the community.
The announcement was made in Labrador West at a community leaders event attended by IOC President and CEO Mike McCann and Labrador City Mayor Belinda Adams.
“Over the past 70 years, IOC has built an enduring business with the community of Labrador West growing alongside us,” McCann said in a media statement.
“As we continue to support the local economy through jobs and investment, we also recognize access to land plays an important role in regional growth and prosperity, and we are pleased to give back to our community through this land donation,” McCann said.