Business, Tourism, Culture and Rural Development
October 17, 2016
The following is being distributed at the request of the Research & Development Corporation:
Strengthening the Economy through Investments in R&D
RDC Supports New Technology Trials to Improve Productivity at IOC
The Research & Development Corporation (RDC) is pleased to announce an investment of $720,000 to support the Iron Ore Company of Canada (IOC) in its industrial trial of an innovative technology for the recovery and refining of iron ore in western Labrador.
"Strategic investments in research and development are critical to the mining industry in Newfoundland and
Labrador. This industrial trial has tremendous potential for IOC and for the economy in Labrador West. By
investing in this technology, we are supporting the opportunity for improved mineral recovery in Labrador
West and strengthening IOC's competitiveness on a global scale."
- The Honourable Christopher Mitchelmore, Minister of Business, Tourism, Culture and Rural Development and
Minister Responsible for RDC
With the goal to improve the recovery of fine iron, the project will evaluate the potential of a new technology to increase productivity efficiency, decrease environmental impact and contribute to the sustainability of the Labrador West operation.
"Our government is committed to innovation in the provincial mining industry, such as this investment in
new technology at IOC. We are optimistic about the future of mining in Labrador West and throughout the
province. The Provincial Government is working to attract investment, support communities and develop
our economy."
- The Honourable Siobhan Coady, Minister of Natural Resources
Having demonstrated positive results in laboratory and pilot testing, the potential multi-phase project will assess the technology in an industrial application and evaluate performance sustainability with varying ore quality characteristics. A successful trial could lead to additional phases that will evaluate the technology on various product inputs within the plant, and ultimately replace or complement existing technologies at the site.
"The mining industry continually confronts a variety of unknowns in the pursuit of profitable operations.
As such, there are many opportunities to conduct research and development. In this sector, incremental
gains made through successful R&D can yield significant returns. RDC is pleased to invest in a project
that has the potential to contribute to the profitability of IOC's Labrador West operation and have a
positive economic impact in the region."
- Mark Ploughman, Acting Chief Executive Officer of RDC
The total project cost is $1.5 million, with IOC providing the balance of funding. RDC's investment is provided through the GeoEXPLORE program, which focuses on increasing geoscientific and related knowledge in the mineral and petroleum sectors, helping to reduce exploration risks and costs, enhance discovery successes, improve processing techniques, and encourage resource-development opportunities in Newfoundland and Labrador.
"The support provided by RDC enhances IOC's ability to explore alternative technological solutions
which are a critical component of IOC's strategy for future success. This partnership with RDC
represents an exciting opportunity to work together, and I am confident will assist in strengthening
IOC's ability to become a more competitive and reliable business for the long term."
- Thierry Martel, Chief Operating Officer of IOC
QUICK FACTS
- RDC is investing $720,000, through its GeoEXPLORE program, to support IOC in its industrial trial of an innovative technology for the recovery and refining of iron ore in western Labrador.
- The project trial could lead to improved productivity efficiency, decreased environmental impact, and contribute to the sustainability of the operation.
- Total project cost is $1.5 million.
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Media contacts:
|
Debbie Marnell Director of Communications (A) Department of Business, Tourism, Culture and Rural Development 709-729-4819, 699-9048 DebbieMarnell@gov.nl.ca |
Ashley Russell Marketing & Communications Specialist Research & Development Corporation 709-758-0308, 730-4079 ashleyrussell@rdc.org |
|
Heather Bruce-Veitch Director of Communications & External Relations Iron Ore Company of Canada 709-743-2669 Heather.Bruce-Veitch@ironore.ca |
2016 10 17 3:15 p.m.