Champion signs on offtake partner for Bloom Lake

Canadian iron-ore project reviver Champion Iron on Thursday announced that subsidiary Quebec Iron Ore (QIO) had signed an offtake agreement and arranged bridging financing for the restart of the Bloom Lake iron-ore mine, located about 400 km north of the Port of Sept-Îles, in Quebec. Japanese commodity trader Sojitz Corporation has agreed to take up to three-million dry tonnes a year of high-grade iron-ore for an initial five-year period, once commercial production resumes. The agreement will automatically extend for further five-year terms.