Globe says Champion, Oceanic riding an iron wave
Champion Minerals Inc (C:CHM)
Shares Issued 80,662,802
Last Close 3/7/2011 $2.61
Tuesday March 08 2011 - In the News
Also Oceanic Iron Ore Corp (C:FEO) In the News
The Globe and Mail reports in its Tuesday edition that Eastern Canada is now being touted as an investment possibility profiting from the rallying market for iron ore. The Globe's Martin Mittelstaedt writes that Desjardins Securities suggests the area could be producing more than 100 million tonnes of ore yearly or about triple current levels by 2020. Champion Minerals has two major deposits in the area and a smattering of smaller ones that were explored during the 1960s. It has total reserves of more than 1.2 billion tonnes grading about 30-per-cent iron. At the northern end of the Labrador Trough, Oceanic Iron Ore is hoping to strike it rich in the Ungava area of Northern Quebec. Its properties were scouted during the 1950s and 1970s, but because of the remoteness of the area, were never developed. Desjardins analyst John Hughes says iron ore prices are likely to be strong for years due to rising Asian demand and the slow pace at which new mines come on stream, a plus for the companies looking for the metal. Mr. Hughes says, "We just don't see a quick fix to fill that supply deficit in the market over the next several years."
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