Tag: Canada

Champion Iron Limited (ASX: CIA) has signed a Letter of Intent with Caterpillar Inc. (NYSE: CAT) to implement artificial intelligence based Advanced Drilling Technologies on Cat equipment at its Bloom Lake Mine, located in Quebec, Canada. Champion Iron, through its subsidiary Quebec Iron Ore Inc., owns and operates the Bloom Lake Mining Complex, located on the south end of the Labrador Trough, approximately 13 km north of Fermont, Quebec. Bloom Lake is an open-pit truck and shovel operation with a concentrator, and it ships iron ore concentrate from the site by rail, initially on the Bloom Lake Railway, to a ship loading port in Sept-Iles, Quebec. The project will progressively implement a remote-controlled, semi-autonomous and fully autonomous Cat electric drilling…

NEWMONT Goldcorp has continued to streamline its asset base, selling its Red Lake complex in Ontario, Canada, to Evolution Mining. As part of the binding agreement, Newmont will receive $375m in cash as well as contingent payments of up to an additional $100m tied to new resource discoveries. Newmont president and chief executive Tom Palmer said the transaction both strengthens the company’s balance sheet and provides ongoing exposure to new discoveries at Red Lake. “Evolution is a highly respected and responsible gold producer who is committed to the success of Red Lake and who we believe will prove a great partner for surrounding communities and stakeholders,” Mr Palmer said. Under terms of the $100m contingent payment, Evolution will pay Newmont…