Optimistic about the future of the iron ore market, Ungava Iron Ores, a newly formed private company, has acquired a significant iron ore deposit at Hopes Advance Bay in northern Quebec. The Ungava deposit, at the north end of the Labrador Trough, is similar in type to deposits now being mined in the south end of the trough. For steelmakers requiring iron ore with a maximum phosphorus content of 0.025%, the low phosphorus content in the new find (0.01% to 0.015%) is particularly significant, the company says.
The deposits at Hopes Advance Bay were explored and developed during 1954-1980. Open pit development during the 25 years revealed sufficient proven reserves to support a 5-million-ton-per-year, 20- year operation, but market conditions at that time did not warrant commercial production.
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