Champion Iron expects to release an expansion feasibility study in summer 2019 that would double production at Bloom Lake. Courtesy of Champion Iron.

Australian miner Champion Iron has announced Wednesday that its Canadian subsidiary Québec Iron Ore Inc. (QIO), which operates the Bloom Lake Mining Complex, has agreed to a $211 million deal with the Government of Quebec to acquire the 36.8 per cent equity interest the government currently holds in Bloom Lake.

“Increasing our ownership of Bloom Lake to 100 per cent is a prudent use of our capital, given the proven production and cash flow generation this project has delivered," said David Cataford, CEO of Champion. "Champion is very fortunate to be operating in a jurisdiction which has provided us with timely support. We thank the government of Québec for believing in the project when capital was scarce, and we are proud to be able to deliver them excellent returns for their initial investment."