Iron Ore Company of Canada invests millions to kick start Wabush mine project

(CP) - The Iron Ore Company of Canada has announced a 79-million-dollar investment to kick start its Wabush 3 mine project in Labrador West.

The project has cleared regulatory and environmental hurdles but was delayed in 2015 due to low iron ore prices.

I-O-C says construction of a new pit is expected to start in the second quarter of this year as part of the company's ongoing operations to extend the life of the existing mine.

First ore from production mining is expected in the second half of 2018.