Iron Ore Company of Canada

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Iron Ore Company of Canada
Type Subsidiary company
Industry Mining
Founded (1949) Wilmington, Delaware, USA
Headquarters Montreal, Quebec, Canada
Key people Zoe Yujnovich , President & CEO
Products Iron ore
Revenue Increase$2.471 Billion US (2011)
Employees 1,900 (2005)
Website www.ironore.ca/

Iron Ore Company of Canada (often abbreviated to IOC) (French: Compagnie Minière IOC) is a Canadian-based producer of iron ore. The company was founded in 1949 from a partnership of Canadian and American M.A. Hanna Company.[1] It is now owned by a new consortium,[2] including the Mitsubishi and Rio Tinto corporations. Rio Tinto is the majority shareholder in the venture, with 58.7% of the joint stock as of October 2013.[3] Mitsubishi controlled 26.2% of the investment as of March 2013.[4]

Based in Montreal, Quebec, IOC currently has mining and concentrator operations in Labrador City, and operates the Quebec North Shore and Labrador Railway to ship ore concentrate from the mines, such as Wabush, to the port of Sept-Îles, Quebec.

During 1977 to 1983, the president of the company was Brian Mulroney, who later served as Canadian Prime Minister from 1984 to 1993.

Notes and references[edit]

  1. ^ Hollinger, M.A. Hanna, Labrador Mining, National Republic, Armco, Youngston and Wheeling-Pittsburg
  2. ^ Mitsubishi Corp., Rio Tinto Limited, LIORIF and IOC Ore Sales Company
  3. ^ FP: "Rio Tinto to complete Iron Ore Company of Canada expansion by mid-2014" 15 Oct 2013
  4. ^ G+M: "Dented by aluminum, Rio Tinto aims to unload Iron Ore Co" 1 Mar 2013

Further reading[edit]

  • Geren, Richard (1990). Cain's legacy : the building of Iron Ore Company of Canada. Sept-Îles, Quebec, Iron Ore Company of Canada.  (Worldcat link: [1])

External links[edit]