Iron Ore Co. announces $300M expansion for Labrador

The Iron Ore Company of Canada, together with its parent company Rio Tinto, announced a $300-million expansion to its Labrador City operations.

The expansion, announced in St. John's on Thursday,is the second wave of money poured into the company's operations since March, when IOC announced $500 million in investments.

The $800 million will bring 200 permanent jobs to the region as well as 250 jobs during the construction phase.

In Sept-Iles, Que., 40 more employees will be needed at the rail and port facilities.

In Labrador West, IOC will construct a new building and substation, as well as install a new ball mill, which breaks down the iron ore, as part of the new investments.

The expansion means the company can increase its production to 22.8 million tonnes of iron ore pellets.

Iron Ore Company of Canada currently employs 1,650 people in Labrador.