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Champion Iron targets more improvements at Bloom Lake after production milestone

Champion Iron Ltd. plans to continue with operational improvements at its Bloom Lake iron ore mine in Quebec after the asset achieved commercial production ahead of schedule on June 30.

Bloom Lake produced 1.5 million tonnes of iron ore concentrate during the company's fiscal first quarter that ended June 30, and 2.2 million tonnes since the mine's restart.

Champion Iron also reported consolidated iron ore concentrate revenue of C$150.7 million, its first period with revenue, and net income of C$20.7 million. Cash operating costs totaled C$56.15 per tonne, which were lower than estimated.

"With the mine now generating positive cash flow from operations, the company is in a position to focus on strengthening its financial position and pursuing growth opportunities," Champion Iron said in an Aug. 13 release.