Labrador’s Boundless Mineral Potential on Display at Investment Roundtable

The Honourable Kathy Dunderdale, Premier of Newfoundland and Labrador, called today’s Labrador Resource Investment Roundtable in Wabush a tremendous success, offering a forum for government and industry partners to have productive and open discussions about future growth potential in the Labrador resource sector.

“The roundtable provided us with a valuable opportunity to meet with key leaders in Newfoundland and Labrador’s mining industry, and to engage in important dialogue regarding the opportunities and challenges facing these companies,” said Premier Dunderdale. “Those gathered in the room today came together to begin to find solutions to overcome obstacles and maximize the potential that exists in the resource sector in Newfoundland and Labrador. I thank these companies for their participation and willingness to work with us to ensure industry success and sustainability.”

Representatives from the province’s iron ore sector were involved in the discussions, and included the Iron Ore Company of Canada, Cliffs Natural Resources, Labrador Iron Mines, Tata Steel Minerals Canada, Alderon Iron Ore, and Century Iron.

“Although Labrador occupies an important place in world iron ore production, it is located a long way from the growing market demand in China and our industry needs to be as efficient and as cost effective as possible to compete in today’s volatile commodities markets,” said John Kearney, Chairman of Labrador Iron Mines Limited. “The cooperation and support of the Government of Newfoundland and Labrador is very important to encourage investment, to facilitate the development of our iron ore projects, and to help address some of the many competitive challenges facing the mining industry in Labrador today.”

“I am really pleased that Premier Dunderdale continues to be a leader in her commitment to driving progress in the mining sector for Newfoundland and Labrador,” said Zoë A. Yujnovich, President and Chief Executive Officer of the Iron Ore Company of Canada. “The content of our discussions today and the participation of all of the critical players is a visible representation that we have the right level of leadership and support to address all of our critical challenges whether they are regulatory, labour, or infrastructure oriented. Through our initiatives such as the Labrador West Regional Taskforce, we are securing our future together."

As a result of the roundtable, the Premier announced the establishment of an Advisory Committee on Mining to continue the discussion started at the table. The Provincial Government also took the opportunity to highlight upcoming meetings with major Chinese investors and the Chinese National Development and Reform Commission, as well as the work undertaken to date by the Labrador West Regional Task Force to assist in planning for growth in the region.

“Newfoundland and Labrador’s natural resource sector is a significant contributor to the provincial economy, and mining development promises a bright and prosperous future for Labrador,” said Premier Dunderdale. “We want to ensure our vast mineral resources are developed in the best interest of the people of this province, especially for Labradorians. We stand behind our commitment to meet the needs of Labrador, and we continue to support the economic growth and success of the region.”

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2013 06 14                               4:10 p.m.