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Glencore funds Champion Iron

Glencore (LN:GLEN) has made a foray into Canada’s iron ore space by lending Champion Iron (CN:CIA) US$25 million to partially fund the restart of its 63.2%-owned Bloom Lake iron mine near Fermont, Quebec.

Glencore funds Champion Iron Glencore funds Champion Iron Glencore funds Champion Iron Glencore funds Champion Iron Glencore funds Champion Iron

Champion Iron acquired Bloom Lake in April 2016

Champion CEO Michael O’Keeffe said the funding gives its capital raise a “significant boost”, adding to the $180 million already committed to resume operations at Bloom Lake, which Champion acquired