The Labrador Trough and Canada’s New Iron Rush
China’s increasing demand for steel is driving iron prices upwards and causing a new wave of exploration worldwide. Canada’s Labrador Trough has been identified as a very promising region, and currently more than 15 billion tonnes of iron ore are being explored in the Trough.
In 2011 alone, $15 billion was invested in the Canadian iron ore sector, and Provincial and Federal governments are also taking steps to support development. Quebec has announced an $80 billion investment plan to develop the region, and the Federal government is helping to expand the Port of Sept-Iles, the largest iron ore port in North America.
With surging demand and Government support, the Labrador Trough is poised to become one of the world’s major iron ore producing regions.