KeMag Project

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Mine TypeOpen Pit
StatusInactive / Suspended
  • Iron Ore
Mining Method
  • Truck & Shovel / Loader
Mine Life22 years (as of Jan 1, 2014)
ShapshotAbaxx is the owner of the LabMag and KeMag iron ore assets, resulting from the reverse take-over of New Millennium Iron Corp, the Company is not currently pursuing any viable economic development. During the quarter ended June 30, 2021, the Company became aware that the market for Green commodities may include iron ore at some point in the future and this may offer an opportunity. At this juncture the company has no plans to develop these properties and may entertain offers from third parties if any interest is shown over the next fiscal period.
Related AssetLabMag Project


New Millennium Iron Corp. 100 % Direct

Deposit type

  • Banded iron formation


The Property is located in the western margin of the Labrador Trough that extends for more than 1,000 km, from Ungava Bay to Lake Pletipi in Quebec. The belt is about 100 km wide in its central part and narrows considerably to the north and south. The Grenville Front crosses the southern part of the Trough. The rocks in the Labrador Trough are subdivided into an upper volcanic-dominated suite (Doublet Group) and a lower sedimentary sequence (Knob Lake Group) that includes the Sokoman Formation hosting the iron formations found in the region.

The KéMag iron deposit consists of magnetite Banded Iron Formation (“BIF”) of the Lake Superior type. BIFs are sedimentary rocks composed of alternating mm- to cmscale beds of quartz (chert or jasper) and iron oxides (predominantly magnetite and hematite). Variable amounts of gangue minerals, mostly silicates, carbonates and sulphides are present. Banded iron formations have greater than 15 % iron content and represent the principal sources of iron throughout the world and are mined in the Great Lakes region of the United States. The Lake Superior-type BIF are associated with typical shelf-type sedimentary rocks with minimal volcanic input and most formed during the Paleoproterozoic era.



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Mining Methods


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Crushers and Mills

Milling equipment has not been reported.


The basic process flow sheet consists of primary and secondary crushing and screening circuits feeding HPGRs for dry comminution. After cobbing, the liberation of the iron bearing mineral (magnetite) is completed in a wet grinding circuit. Concentration stages include besides cobbing, roughing and finishing with low intensity magnetic separators. The undersize final concentrate is sent to the thickener and the slurry storage tanks or to the flotation plant for low silica. To produce low silica BF fluxed or DR grade pellets, the concentrate must contain 2.2 % and 1.5 % silica respectively so four (4) flotation lines each with rougher, regrind down to a P80 of 18 µm and cleaner have been added to reduce the silica grade. All flotation steps will use tank type flotation cells. Regrinding will be performed in fine ore mills and classified by hydrocyclones.



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CommodityUnitsAvg. AnnualLOM
Iron Ore kt 22,000472,000
All production numbers are expressed as concentrate.

Production Costs

Assumed price Iron Ore USD 000
* According to 2014 study / presentation.

Operating Costs

OP mining costs ($/t mined) CAD 17.8 *  CAD
Processing costs ($/t milled) CAD  ....  Subscribe
Total operating costs ($/t milled) CAD  ....  Subscribe
* According to 2014 study.

Project Costs

MetricsUnitsLOM Total
Total CapEx $M CAD  ......  Subscribe
OP OpEx $M CAD  ......  Subscribe
Processing OpEx $M CAD 7,614
G&A costs $M CAD 1,615
Total OpEx $M CAD  ......  Subscribe
Net revenue (LOM) $M CAD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M CAD  ......  Subscribe
After-tax Cash Flow (LOM) $M CAD  ......  Subscribe
Pre-tax NPV @ 10% $M CAD  ......  Subscribe
Pre-tax NPV @ 8% $M CAD  ......  Subscribe
After-tax NPV @ 10% $M CAD  ......  Subscribe
After-tax NPV @ 8% $M CAD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
After-tax IRR, %  ......  Subscribe
Pre-tax payback period, years  ......  Subscribe
After-tax payback period, years  ......  Subscribe

Heavy Mobile Equipment


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