New iron ore mine in Labrador can use depleted Wabush pit

(CP) - The Alderon Iron Ore corporation says it is restarting idled plans to create a new iron ore mine in western Labrador.

It says improved commodity prices have restored its interest in the Rose Deposit of the ``Kami'' iron ore property.

If sanctioned, the project would be positive economic news for an area that has been hit hard by falling commodity prices in recent years.

C-E-O Mark Marabito says the Kami project can use the depleted pit at Wabush to create a mine over a 29-month construction period.