Newspaper article The Canadian Press

Champion Gets US$180 Million Loan to Reopen Quebec's Bloom Lake Iron Mine

Newspaper article The Canadian Press

Champion Gets US$180 Million Loan to Reopen Quebec's Bloom Lake Iron Mine

Article excerpt

Caisse backs efforts to reopen Bloom Lake mine

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MONTREAL - Efforts to restart the idled Bloom Lake iron ore mine got a boost Thursday after the Caisse de depot pension fund manager and a mining lending group agreed to provide US$180 million in debt financing to a subsidiary of Champion Iron Ltd. (TSX:CIA).

The Caisse will provide US$100 million in subordinated debt partially tied to the price of iron ore while Sprott Resource Lending will provide US$80 million in the form of a five-year senior secured loan.

The iron ore mine in the Labrador Trough near Fermont, Que., is expected to reopen as early as the first quarter of next year. It shuttered in late 2014.

The Caisse said the deal is aligned with its strategy to support Quebec mining companies. …

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