February 4, 1997
(Mines and Energy)

Minister of Mines and Energy meets with North Limited

Rex Gibbons, Minister of Mines and Energy, says he is very pleased with the outcome of a meeting late Monday with Campbell Anderson, managing director, and other senior officials of North Limited. The Australian-based corporation will become the major shareholder in the Iron Ore Company of Canada (IOCC) when the purchase is finalized in March 1997. Perry Canning, MHA - Labrador West, also participated in this meeting.

"I believe that this investment by North Limited is a very positive one for IOCC and the iron ore industry in the province," says Gibbons. "Contrary to recent media reports, North Limited has assured, Mr. Canning and, me that there are no immediate plans for significant staff reductions at IOCC. The media reports appear to be quite unfounded."

Mr. Canning was left with a positive impression from the meeting. "Based on the discussions with Mr. Anderson, I am confident that this announcement is a positive one for Labrador West, the employees of IOCC and the communities affected," says Canning. "North Limited appears to have a growth agenda and intends to seek improvements in productivity through new capital investments rather than workforce reductions."

Senior officials of North Limited intend to meet with the union leadership in Labrador in the next few days to further clarify the company's intentions for IOCC future direction.

Contact: Tara Laing, Assistant Director of Communications, (709) 729-4890.