May 28, 2012 Leave a reply

The Labrador Trough and Canada’s New Iron Rush

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 iron 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 dollars 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 dollar 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 iron ore demand and Government support, the Labrador Trough is poised to become one of the world’s major iron ore producing regions.

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