MineX delves into ‘changing and evolving’ business
The MineX conference held in Lab West had a number of interesting speakers. One of those was Clayton Walker, the President and CEO of the Iron Ore Company of Canada.
“Our business is changing and evolving, to be globally competitive in a world that is constantly changing,” he said. “To ensure our business has a strong, sustainable future we are consciously embracing the need to do things differently to continuously pre-empt, plan for and adapt to change. A fundamental innovation for IOC has been the adoption of a new Integrated Operating Model in essence viewing our whole business as one system, which runs from mine to port, rather than separate parts. By looking at our business differently, we have been able to maximize our ability to deliver value by optimizing the utilization of our resources, assets and people.”
He also spoke about a large part of their success depends on people joining them on this journey and being able to see the benefits a strong IOC can deliver - from the big picture, to the community and to their individual lives.
“We want the people who work at IOC and our partners in the community to be able to take pride in the role iron ore produced in this province plays in creating the modern world around us, and to join the dots to see the role they play in making all of this possible, by supporting the safe and cost effective production of a quality product that customers will want to purchase across the world.”
One of the long-awaited speakers of the first day of the event was Matt Lehtinen, president and CEO of Tacora resources, the company buying Wabush Mines.
Lehtinen brought the audience up to date. He says they must await the completion of the environmental assessment, which he expects to be completed in the coming months. That will be followed with final financing, which he assured audience members they have no doubt that will be a given, once approval has been given to the environmental assessment. Also, he pointed out that they have already put an agreement in place for 100 per cent of their ore to be purchased.
He said in the current plans the West pit of the mine would not mined any longer but new areas of the mine would be.
He also pointed out the company has plans to further reduce manganese, and he says one of the attractive things about ore in the Labrador trough is the quality of the ore. Realistically, Lehtinen says once the capital is raised, it will be six months or more to get the mine ready for production. He told the audience that the target is to be producing by this time next year.one of the audience members raised the issue of power for the operation. He assured them they will have access to all they need.
Delegates at MINEx.
Matt Lehtinen, president and CEO, Tacora resources, was also a speaker at the event.
Clayton Walker, president and CEO, Iron Ore Company of Canada.