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CHAMPION IRON REPORTS EXPLORATION RESULTS AT POWDERHORN PROJECT, NEWFOUNDLAND
MARCH 20, 2019
Confirmed Continuity of High-Grade Zinc Zone and Addition of Gold to the Expanded Copper Zone
Montreal, March 20, 2019 ? Champion Iron Limited (TSX: CIA) (ASX: CIA) (the ?Company? or ?Champion?) discloses strong results from its 9,350-m drilling campaign completed in the fall of 2018 at its wholly-owned Powderhorn property, located in North Central Newfoundland, 40 km southwest of the town of Springdale. The drill program was designed to test the lateral continuity of the zinc-rich intervals intersected by Champion in the spring of 2018. Several drill holes yielded significant zinc values, including one interval in PH18-34 which returned 23.6% zinc (?Zn?) and 163 g/t silver (?Ag?) over 0.88 m. This high-grade sample is part of a mineralized layer that locally reaches 4.5 m in thickness (see Champion?s August 15, 2018 press release). The copper zone interpreted from previous work was also intersected and carries gold grades above 1 g/t. Powderhorn, originally considered a zinc project, can now be viewed as polymetallic.
David Cataford, Chief Operating Officer, commented: ?The fall 2018 drilling results at Powderhorn are very encouraging, with the occurrence of a copper-gold zone close to surface and the continuity of high-grade zinc at depth. Champion is optimistic about this project, as these findings reflect the potential of an under-explored area located on prospective land held by the company.?
The Powderhorn project targets the same volcanic units that host the Buchans Mine, located 60 km away, one of the richest volcanogenic massive sulphide deposits ever discovered. Drilling in the fall of 2018 was done along a 100-meter-spaced grid in the shallower part of the Powderhorn deposit (southeast) while testing the possible connexion between the near surface zones with the deep intersect to the northeast.
Champion Iron?s board of directors approved an additional 4,000-meter drilling program targeting the area between the shallow SE area the deeper NW zone. The ongoing program has been scheduled during the ice freeze-up in the winter months to minimize and prevent any damage to the wetland environment.
The most significant intervals from the 9,350 meters of drilling are listed in tables 1 (copper zone) and 2 (zinc zone).
Champion Iron Announces the Appointment of David Cataford as CEO
MONTREAL, April 1, 2019 /CNW/ - Champion Iron Limited (TSX: CIA) (ASX: CIA) (the "Company" or "Champion") announces that David Cataford has been appointed Chief Executive Officer of the Company, effective immediately, following the transition of Michael O'Keeffe from the CEO position and the implementation of Champion's succession plan in this regard. Mr. O'Keeffe will retain his current position as Executive Chairman of Champion. Prior to his promotion as CEO, Mr. Cataford joined the Company in 2014 as Vice President, Engineering and was appointed Chief Operating Officer of Champion in 2017.
Champion Executive Chairman Michael O'Keeffestated, "We knew that David's comprehensive understanding of iron ore processing and mining operations in the Labrador Trough would significantly strengthen Champion and he has demonstrated this by transitioning the company from exploration to mine production, overseeing the Bloom Lake project since its acquisition, through the feasibility stage and most significantly, its successful re-start as a long-life, low-cost operation." Mr. O'Keeffe added that the Company was well positioned to continue to benefit from an experienced manager of Mr. Cataford's calibre as Champion aims to double Bloom Lake's current production capacity of 7.5 million tonnes of high-grade 66% iron concentrate at its profitable flagship operation.
Es sollen Zugstrecken, Straßen und Häfen entstehen, oder werden schon gebaut - sowie Kraftwerke, Pipelines und Flughäfen. Die Infrastrukturprojekte sind meist finanziert durch Kredite von chinesischen Staatsbanken und gebaut von chinesischen Unternehmen. Bis zu 90 Prozent aller Seidenstraßen-Projekte gehen an Firmen aus China.
Die "Neue Seidenstraße" ist Kern der chinesischen Außenpolitik, ein wirtschafts- und geopolitisches Megaprojekt. China will ein neues Handelsnetzwerk zwischen Asien, Afrika und Europa schaffen und verspricht den Ländern Investitionen und Entwicklung. Gleichzeitig möchte China seinen globalen Einfluss ausbauen und die internationale Ordnung stärker auf China zuschneiden.
Champion Iron Completes Refinancing and Acquisition of 100% of Bloom Lake
MONTREAL, Aug. 16, 2019 - Champion Iron Ltd. (TSX: CIA) (ASX: CIA) ("Champion" or the "Company") is pleased to announce that its subsidiary Québec Iron Ore Inc. ("QIO"), operator of the Bloom Lake Mining Complex, has successfully completed the previously announced agreement with Caisse de dépôt et placement du Québec ("CDPQ") for a preferred share offering of C$185 million in addition to a fully underwritten US$200 million credit facility (the "Loan Facility") with The Bank of Nova Scotia ("Scotiabank") and Societe Generale. Concurrently, QIO is pleased to announce the completion of the previously announced transaction (the "Transaction") with the government of Québec, through its agent Ressources Québec Inc. ("RQ"), to acquire RQ's 36.8% equity interest in QIO for a total cash consideration of C$211 million. Further to the closing of the Transaction, there no longer exists a non-controlling interest in QIO.
"This is an important milestone for our Company as we take full control of our flagship iron ore producing asset. Reducing our financing costs as part of today's refinancing arrangement allows us to maximize Bloom Lake's cash flow generation. Today's announcement strategically positions Champion's future, following the recent filing of a Feasibility Study on August 2, 2019, that proposes an expansion at Bloom Lake that would double its capacity to 15M tonnes per year." said David Cataford, CEO of Champion, commenting on the Transaction and capital restructuring. "With the repayment of the previous long-term debt instruments held by our Company, we would like to take this opportunity to thank the Sprott Private Resource Lending group, the Glencore International AG, CDPQ and the Ressources Québec teams for being early supporters of Champion. In a difficult financing environment, these partners shared our vision and were instrumental in providing the capital required to restart Bloom Lake and help get us to where we are today."
Transaction Highlights The Transaction is expected to be immediately accretive on key operating and financial metrics, including earnings, EBITDA and operating cash flow per share. The Transaction utilizes Champion's balance sheet strength while maintaining low financial leverage. The Transaction is expected to increase Champion's share of the Bloom Lake allocated production by approximately 2.75 Mtpa of high-grade iron ore. The Transaction was funded from proceeds of the new credit facilities in addition to cash on hand.
Capital Restructuring Highlights
Significantly reduces cost of debt ? At current effective rates, the new facility weighted average cost of debt ranges between 6.88% and 7.67% depending on the Company's Net Leverage, compared to a weighted average cost of debt between 12.37% and 14.75% for the prior credit facilities which were put in place to finance the Bloom Lake re-start in October 2017.
Fully underwritten by sophisticated global financiers ? Scotiabank and Societe Generale as Joint Lead Arrangers, Joint Bookrunners and Co-Underwriters.
Maintains CDPQ as strategic partner ? CDPQ's total commitment to Champion increases by approximately C$57 million, from US$100 million of long-term debt to C$185 million in preferred shares of QIO.
Der Eisenerzpreis hat sich in den letzten Wochen stark gezeigt, deutlich stärker als Kupfer auf jeden Fall. Verschiedene Banken, darunter Morgan Stanley und Jefferies, sind der Ansicht, dass sich das nun ändern sollte. Angesichts der Lockerung der COVID19-Beschränkungen insbesondere in Europa sollte das rote Metall nach Meinung der Experten deutlich stärker glänzen, hieß es in einem Bericht von MiningNews. Der Anstieg des Eisenerzpreises sei vor allem durch eine hohe Nachfrage aus China bei gleichzeitig geringen Lieferungen aus Brasilien bedingt gewesen, hieß es. Auch Kupfer habe hinzu gewinnen können, liege mit rund 5.800 USD pro Tonne aber immer noch unter dem Niveau von vor Beginn der Corona-Krise.
Laut den Analysten von Jefferies ist der entscheidende Unterschied zwischen den beiden Industriemetallen ihr Zielmarkt. Auf dem Seeweg verschifftes Eisenerz sei der ultimative ?China-Rohstoff?, hieß es, da die Volksrepublik rund 74% der Nachfrage ausmache. Europa hingegen zeichne für gerade einmal 8% der normalisierten Nachfrage verantwortlich, während die USA als Zielmarkt zu vernachlässigen seien.
Champion Iron meldet Rekordproduktion im dritten Quartal
Champion Iron (TSXV: CIA) has reported increased production in Q3, as operations at the Bloom Lake mine in Quebec returned to full operational capacity.
Bloom Lake produced 2.2 million tonnes of high-grade iron ore concentrate during the three months to September, up from the 2.1 million tonnes produced in the same period of 2019.
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The miner reported revenues of C$311 million and C$555 million for the three and six-month periods ended September 30, 2020, respectively, compared to C$160.4 million and C$438.3 million for the same periods in 2019.
Earnings before interest, taxes, depreciation and amortisation reached C$197.8 million for the three months under review, and C$325.5 million for the six months ended September, compared with the C$62.6 million and C$229.5 million reported respectively for the previous corresponding periods.
In connection with Bloom Lake?s Phase II expansion project, which proposes to double the mine?s nameplate capacity to 15 Mtpa, the company increased the Phase II cumulative budget by an additional C$22 million, for a total budget of C$120 million.
?Our team?s agility in adapting operations is unlocking the full potential of our flagship Bloom Lake Mine, resulting in record quarterly production and financial results for our company,? Champion CEO David Cataford said in a media release.
Midday Wednesday, Champion?s stock was up 2.7% on the TSE. The company has a C$1.42 billion market capitalization.
In return for the project, Champion has agreed to pay C$15 million in cash, and to extinguish C$19.4 million in secured debt of Alderon and certain of its affiliates by issuing 4.2 million shares to Sprott and Altius Resources. The company has also agreed to make ?a finite production payment on a fixed amount? of future production from Kami.
The deal has been approved by the Supreme Court of Newfoundland and Labrador and is expected to be completed in the fourth quarter. It still requires approval of the province?s Ministry of Industry, Energy and Technology. Deloitte Restructuring is acting as the court-appointed receiver for Alderon.
The high-grade Kami iron ore project is located in the Labrador Trough, close to the Quebec border.
As part of the acquisition, Champion expects to secure an additional 8 million tonnes year of port capacity, including a pre-payment of port-related fees, at the port of Sept-Îles, which the company currently uses to export Bloom Lake iron ore concentrate. As such, the company expects the acquisition to strategically position it for growth.
?While our company is rapidly gaining global recognition for its ability to deliver quality iron ore products, the acquisition would further position our company to service the rising demand for high-grade iron ore concentrate globally,? said Champion?s CEO, David Cataford, in a release.
?With our proven ability to transform opportunities into valuable assets for our shareholders, the acquisition would add to our portfolio a highly prospective project, which is near existing infrastructure.?
A 2018 feasibility completed by Alderon outlined a 23-year mine life for Kami, with average annual production of 7.8 million tonnes of premium-quality concentrate grading 65.2% iron.
In a research note, BMO Capital Markets mining analyst Alexander Pearce noted the acquisition brings both the potential for production growth from a nearby greenfield asset, and could potentially reduce port costs for Champion?s upcoming Bloom Lake expansion.
?At first glance, the acquisition would appear to be a good fit for the company and is easily affordable on our forecasts,? Pearce wrote.
The C$982 million projected capex for Kami could also potentially be reduced through shared infrastructure with Bloom Lake. Champion will be updating the feasibility to assess potential synergies.
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