MetalQuest Mining (TSXV: MQM; US-OTC: MQMIF) plans to update the 2015 feasibility study at its Lac Otelnuk iron ore project in northern Quebec after completing a gap analysis and stepping up the search for a joint venture partner.
The next work at the Labrador Trough-project, about 165 km northwest of Schefferville, will focus on product studies, transport and power options and the best path forward. MetalQuest says more than $150 million has already been sunk into Lac Otelnuk, which hosts a historical measured and indicated resource of 20.64 billion tonnes grading 29.8% total iron and could yield concentrate above 68.5% purity.
“This is an elephant project. This is one of the biggest in the world,” chairman and CEO Harry Barr told The Northern Miner’s Western Editor, Henry Lazenby, last month during the PDAC convention in Toronto. “If I had a big partner right now, we could do a lot more stages faster.”
High-purity iron ore joined Canada’s critical minerals list in 2024 and is now classified the same way in Quebec, improving the case for large Labrador Trough deposits as steelmakers hunt feed for green steel. Lac Otelnuk sits near projects held by Rio Tinto (ASX, LSE, NYSE: RIO), India’s Tata Steel, ArcelorMittal (NYSE: MT), Champion Iron (TSX: CIA, ASX: CIA) and Vale (NYSE: VALE), which helps explain why MetalQuest is pressing to reopen partner talks now.
Watch the full interview below:
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