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So as the story goes Champion Iron Mines is re-opening the Bloom Lake mine – closed in 2015 and sold for $10M to Champion by Cliffs Canada who basically went Bankrupt.
It’s hard to say where these will be used specifically – there are three operating railways that these may be assigned to. But they are billed to Sept Isles for the Arnaud, but the Bloom Lake Railway also will need motive power and it’s up a few hundred miles north of Sept Isles..
There could be more coming. It’s believed that G&W’s WLRS still operates the Bloom Lake, Wabush Lake, and Arnaud, with QNSL providing service in between.
Very interesting.
Cliffs Natural Resources is not bankrupt; in fact they have the largest, most widely varied production facilities in North America, in both Minnesota and Michigan. They did, however, walk away from the Bloom Lake project after buying former owner Thompson Iron Mines. Quebec Iron Ore Co now owns Bloom Lake, operated for them by Champion Iron mines.
I agree Bruce – the US parent may not be but some part of the Canadian subsidiary was in trouble.
Likely a Canadian subsidiary – the CCAA process is meant to avoid bankrupcy and fire sale of assets and is court monitored…
details here:
http://cfcanada.fticonsulting.com/bloomlake/
I’m surprised to see Champion get it to be honest and also surprised Cliffs let it go so cheaply..
I’m also curious where “Lac Blooom Railcars Corp Inc” is getting their rail cars – did they buy out the former Bloom Lake cars built by NSC or are they going to market for more?
http://www.championiron.com/corporate-profile/company-information/
According to a CN employee commenting on Facebook, these are going to the ex-Arnaud Railway (now Société ferroviaire et portuaire de Pointe-Noire, http://sfppn.com/en) to temporarily replace leased CEFX AC4400CW’s which are being overhauled.
Interesting…