Brian Tobin weighs in as Bloom Lake gets ready for production

No one is more pumped the newest iron ore mine is putting the final touches on its Bloom Lake development than Consolidated Thompson's (CLM) Executive Chairman.

Brian Tobin - former premier of Newfoundland and Labrador, longer serving MP and former federal minister - says the new mine development on the Labrador/Quebec iron ore trough sends a real positive message that there is still very good opportunity for developing new mines in the area.

"That's the real positive message because it wasn't that long ago when people looked at Labrador West - back a number of years ago...back in the 90s when iron ore prices were quite low and we were seeing the decline of the industry - and it wasn't all that positive."

Tobin said it indeed noteworthy CLM was able to successfully raise $800 million in a time of global uncertainty.

"With $300 million of that coming from China, it opens up new markets for Labrador trough iron ore going into China, Korea, Japan-we are in all three markets," he said in telephone interview with the Aurora last Wednesday from Montreal. "This will encourage others, who are looking at Labrador, to go ahead with their projects and find good financing; to not be afraid of the challenges associated with the big infrastructure."

The new mining operation, he assures, is about forming partnerships with other industries and working will other mining operations.

"We have developed our infrastructure, in this case the railway, and we said from the get-go, 'this railway will be available to other users if and when other mining projects are brought to reality,'" Tobin remarked. "We intend to have an open door to assist and to help to facilitate other developments within the region, so I hope that is the most positive thing that comes out of what we've done. This is still a land of opportunity and a place that should attract significant capital and create new jobs."

Tobin says he has visited the Bloom Lake site on a number of occasions since the development got underway and says a helicopter ride allows for not only a wonderful view of the Bloom Lake site it provides a certain appreciation for the great things that have been accomplished and the possibility of so much more to come.

"It's a pretty powerful picture when you are in a helicopter over this area, "he said of his aerial visits. "You can see the IOC (Iron Ore Company of Canada) facility; then a few miles away, it's our own facility going up and just beyond that QCM (Quebec Cartier Mining). To be able to look down and see a brand new $100-million railway we built...it's all just a very impressive sight. There is a great future in Labrador with long-term jobs and there is a great need for what we have in the fastest growing parts of the world, such Asia."

The Bloom Lake Iron Ore Deposit is a 640 million tonne ore body grading approximately 30 per cent Fe.

Bloom Lake is a world-class development stage iron ore project, with a high recovery and 34-year mine life based on a Feasibility Study completed in April 2007.