The newly formed Iron Ore Company of Canada vows to raise $160 million to develop the infrastructure needed to mine the vast ore fields of northern Quebec and Labrador. As part of the deal between the new operating company and property owners Labrador Mining & Exploration and Hollinger North Shore, IOCC must spend $5 million on exploration over three years. The property owners will each own a large interest in IOCC and collect royalties on production. Areas A and B are estimated to contain at least 355 million long tons of iron ore.
Be the first to comment on "IOCC founded, plans to raise millions for Quebec mines"