Champion secures financing, ten-year offtake from Glencore

Iron-ore mine redeveloper Champion Iron Ore has secured a funding commitment and a ten-year offtake agreement from global commodities giant Glencore International, the junior announced on Monday. The TSX- and ASX-listed firm, whose subsidiary Quebec Iron Ore (QIO) is restarting the high-grade Bloom Lake iron mine, near Fermont, Quebec, has secured a conditional financing commitment of $25-million from Glencore in return for the non-brokered sale of a subordinated unsecured mandatory convertible debenture, on a private placement basis.