Labrador mine gets $79M injection

LABRADOR CITY, N.L. — The Iron Ore Company of Canada said its Wabush 3 mine project in Labrador West is going ahead, with a planned investment of $79 million. It said the new pit to be developed as part of IOC’s ongoing operations will extend the life of the existing mine while delivering “significant” benefits to the region. Labrador West has been hit hard in recent years as iron ore prices dropped, with layoffs at IOC and the shutdown of Wabush Mines. The Wabush 3 project has cleared regulatory and environmental hurdles, but was delayed in 2015 due to low prices. Construction of the new pit is expected to start in the second quarter.