Bargain buy of Canadian iron mine pays off for O’Keefe

Original article by Paul Garvey
The Australian Financial Review – Page: 20 : 7-Dec-17

Australian-listed Champion Iron aims to commence iron ore shipments from the Bloom Lake project in Canada in March 2018, having paid less than $US10m for it in 2016. Previous owner Cliffs had invested some $US2.4bn in the project, which it had acquired as part of its $US5bn purchase of Consolidated Thompson in 2011. Champion Iron is headed by Michael O’Keefe, who estimates that Bloom Lake’s higher-grade iron ore to fetch about $US80 per tonne at current prices. He is the former head of Riversdale Mining, which was acquired by Rio Tinto in 2011.

CORPORATES
CHAMPION IRON LIMITED – ASX CIA, CLIFFS NATURAL RESOURCES INCORPORATED, RIVERSDALE MINING LIMITED, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG

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