More than 1,400 workers at Iron Ore Co. of Canada (IOCC) went on strike in late July, shutting down mine production at the plant in Labrador, which supplies roughly 4% of the world’s iron pellets.
IOCC is 59%-owned London-based Rio Tinto and 26% by Mitsubishi of Japan. Labrador Iron Ore Royalty Income Fund owns the remainder.
Iron pellets and concentrate continue to be shipped from port facilities at Sept-les in eastern Quebec. However, once iron supplies run out, the company could be forced to declare force majeure if a settlement is not reached.
IOCC operates an open-pit mine, concentrator and pellet-making plant at Labrador City, as well as the port facilities at Sept-les. Last year, the company produced 12 million tonnes of pellets.
The company said in a release that it had “effectively removed monetary concessions” and offered base wage increases to many employees in exchange for more “workplace flexibility.”
In another labour-related development, U.S.-based Cleveland Cliffs, the largest producer of iron-ore pellets in North America, has restarted talks with its workers in an attempt to reach a new deal and avoid a shutdown.
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