Overview
| Status | Inactive / Suspended |
| Mine Type | Open Pit |
| Commodities |
|
| Mining Method |
|
| Mine Life | 25 years (as of Jan 1, 2014) |
Pursuant to the reorganization agreement dated August 5, 2020, between NML and the Tata Steel Group, NML retained its interests in the LabMag and KéMag properties (the “Taconite Properties”), and TSGMH was granted a 1% gross revenue royalty on the Taconite Properties.
The shares of NML are expected to delist from the Toronto Stock Exchange (the “TSX”) at the close of business on December 14, 2020, and the Resulting Issuer Shares are expected to begin trading on the NEO Exchange under the symbol “ABXX” on December 18, 2020. |
Source:
New Millennium is 100% owner of the KéMag deposit and 80% owner of the LabMag deposit, with the remaining 20% of LabMag held by the Naskapi Nation of Kawawachikamach.
Contractors
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Summary:
The LabMag Property is located in the western margin of the Labrador Trough, adjacent to Archean basement gneisses. The Labrador Trough, also known as the LabradorQuebec Fold Belt, extends for more than 1,000 km along the eastern margin of the Superior Craton, from Ungava Bay to Lac 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 Labrador Trough.
The Deposit consists of magnetite Banded Iron Formation (“BIF”) of the Lake Superior type. BIFs are sedimentary rocks composed of alternating mm- to cm-scale beds of quartz (chert or jasper) and iron oxides (predominantly magnetite and hematite).
The taconite at LabMag consists mostly of alternating small-scale (mm to cm) beds of
recrystallized chert or jasper and massive or disseminated magnetite. Magnetite is the predominant iron oxide mineral, while hematite and martite occur in subordinate amounts. Gangue minerals are represented by iron silicates (minnesotaite and stilpnomelane), iron carbonate (siderite) and manganese carbonates (rhodochrosite and kutnahorite).
This iron formation has been explored by diamond drilling over a strike length of 9.5 km (Blocks A, B and C) and it extends beyond the northwest and southeast Property boundaries.
Summary:
The mining method selected for the Project is conventional truck and shovel. Vegetation and topsoil will be cleared using a mining contractor and be carried out with a fleet of dozers, small excavators and articulated haul trucks ahead of the mining operation.
Suitable organic material will be stockpiled for future reclamation use. Overburden will then be stripped using a fleet of excavators and hauled to the overburden dump. The ore and waste rock will be mined with 15 m high benches, drilled and blasted then loaded with large mining shovels into a fleet of rigid frame trucks which will haul the material either to the waste dump, the Class 2 ore stockpile or the primary crushers.
During peak production, the total number of 363-tonne haul trucks is expected to reach 35, along with seven (7) shovels, ten (10) production drills and a large fleet of support and service equipment.
Source:
Summary:
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Projected Production:
| Commodity | Units | LOM |
|
Iron Ore
|
kt
| 525,000 |
All production numbers are expressed as concentrate.
Operational Metrics:
| Metrics | |
|
Stripping / waste ratio
| 0.2 * |
|
Waste tonnes, LOM
| 491 Mt * |
|
Total tonnes mined, LOM
| 2,834 Mt * |
|
Plant annual capacity
| 88 Mt of iron ore * |
|
Annual production capacity
| 22 Mt of concentrate * |
* According to 2014 study.
Reserves at December 31, 2018:
| Category | Tonnage | Commodity |
|
Proven & Probable
|
3,933 Mt
|
Iron
|
|
Measured & Indicated
|
388 Mt
|
Iron
|
|
Inferred
|
1,063 Mt
|
Iron
|
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Corporate Filings & Presentations:
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