Jul 28 2010
Consolidated Thompson Iron Mines Ltd (TSX:CLM) ("Consolidated Thompson" or "CLM" or the "Corporation") has achieved another key operational milestone, as its first maritime shipment of iron ore concentrate to WISCO has departed the port of Sept Iles, Québec.
The first ship bound for China was loaded with approximately 165,000 tonnes of high quality iron ore concentrate produced by its subsidiary, the Bloom Lake Iron Ore Limited Partnership ("BLLP"), at the now fully operational Bloom Lake mine in North-Eastern Québec.
This shipment was completed through the Corporation's newly completed port facilities at Pointe Noire in the Port of Sept Iles. It marks the final milestone in a short three-year period during which CLM put in place the key building blocks – mine site preparation and infrastructure, rail car and heavy equipment leasing, equity and debt financing, off-take agreements with Asian customers, construction and servicing of a 31-km railway link and a modern lay-down area for iron ore handling in the Port of Sept-Iles – and transformed itself from an exploration and development mining company to a fully operational world class iron ore concentrate producer.
The ocean vessel that departed the Port of Sept-Iles is the first of many maritime shipments planned in the coming months as Consolidated Thompson is committed to delivering 8 million tonnes of high quality iron ore concentrate annually to its Asian customers, as part of previously announced sale agreements. The quality of the iron ore concentrate produced by the Bloom Lake mine is among the best, exceeding the 66% Fe level.
Mr. Richard Quesnel, the President and Chief Executive Officer of CLM, stated, "The first boat-load of iron ore concentrate was truly a momentous occasion for the Corporation, its management and employees. It marked the culmination of several years of teamwork and incredible support from regional partners such as the port of Sept Iles and a variety of suppliers. Our focus is now on achieving the steady state of production of 8 million tonnes per year and proceeding expeditiously with the build-out to double the Bloom Lake mine production to 16 million tonnes".
Executive Chairman Brian Tobin added: "We are extremely pleased with tremendous work accomplished by our teams and to have reached this important milestone in such a short timeframe. As well, none of this would have been possible without the support of our Chinese partner – WISCO - and cooperation of all the communities, the local interest groups, the government departments and our Innu partners".