Oceanic Iron Ore, the 100% owner of the Hopes Advance iron ore project in Ungava Bay, Quebec, confirmed the province’s Northern Action Plan supports Northern Quebec development and that Hopes Advance could significantly contribute to the Plan’s success. The company will intensify discussions with provincial government bodies that facilitate and support mineral project development in Quebec.
Hopes Advance meets many of the Plan’s criteria, including increasing connectivity in Northern Quebec and boosting economic development through local infrastructure, business support, education and training. The province has earmarked CAD$2.6 billion for plan implementation through 2028.
Steven Dean, chairman of Oceanic Iron Ore, said: “The Northern Action Plan, as initiated by the provincial government under Premier François Legault, outlines the emphasis for social, economic and environmental development north of he 49th parallel in the province, accounting for nearly 75% of the province by surface area. The province recognizes that with a considered approach and development plan, natural resource projects will be supported by government, particularly when it coincides with benefits to its local partners and stakeholders. We look forward to renewed discussions with government, the Inuit of Nunavik, and other future partners in order to progress the development of the project, supporting the economic and social development in the area.”
Oceanic is concentrating on developing its Hopes Advance, Morgan Lake and Roberts Lake iron ore projects, which it fully owns and which sit on the Labrador Trough coast in Quebec. In December 2019 the company released a preliminary economic assessment for its flagship Hopes Advance that reported a base-case pre-tax NPV8 of USD 2.4 billion (post-tax NPV8 of USD 1.4 billion) over a 28-year mine life, supported by an NI 43-101 measured and indicated resource of approximately 1.36 billion tonnes and estimated life-of-mine operating costs of about USD 30 per tonne. The company also provides additional details on Morgan Lake and Roberts Lake—both historically explored and associated with defined historical resources—on its website.
More information is posted on www.OceanicIronOre.com.
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