The miners are Cliffs Natural Resources Inc., Labrador Iron Mines Holdings Ltd., New Millennium Iron Corp., Cap-Ex Ventures Ltd. and Alderon Iron Ore Corp.
CN, its venture partner La Caisse de dépôt et placement du Québec and the miners plan to immediately fund the feasibility study to analyze the cost and engineering parameters of the proposed line and associated infrastructure. The Class I will coordinate the application to the Canadian Environmental Assessment Agency for required permits and consult with all relevant stakeholders, including First Nations, CN officials said in a prepared statement.
“[We] will work closely with mining companies in the group and the Caisse to determine the best design and right timing for the development of rail infrastructure to tap the significant iron ore production potential of the Labrador Trough in northern Quebec and Labrador,” said CN President and Chief Executive Officer Claude Mongeau. “As North America's largest hauler of iron-ore pellets, CN is well positioned to respond effectively to the needs of our customers in this market, and to do so in a sustainable and economically viable way.”
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