Champion Iron (TSX: CIA) said today its board gave final approval to its C$512.6 million Bloom Lake Mine Phase II project.
The company said it is well positioned to double Bloom Lake’s nameplate capacity. In 2020 Champion Iron produced 7.9 million wet metric tonnes or iron ore.
The project will also create 375 permanent new jobs upon the completion of the Phase II.
The company is on a roll. In its recent Q2 from last month, the company nearly doubled revenues due to high iron ore prices. Revenues were $311 million compared to $160.4 million from a year ago.
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