Market Chatter: Shares of Labrador Trough Juniors Fall as Rail Plan Halted

By Staff,

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"Shares of junior miners with projects in Canada's Labrador Trough fell on Monday, after Canadian National Railway Co (CNR.TO) hit pause on its plan to build a new rail line in the region," Reuters reported.

It said: "CN, Canada's biggest railroad, said late on Friday it had halted a study into the feasibility of building an 800-kilometre line to connect the isolated region to port. he Labrador Trough, a geological formation extending south-southeast through Quebec and Labrador, is home to vast deposits of iron ore, the main component of steel. But a recent slump in the benchmark price for iron ore has jeopardized the viability of projects in the sub-Arctic region."

"Century Iron Mines Corp (FER.TO), which is developing the Attikamagen Lake iron-mine project near Schefferville, was down 3.6% to $0.53 on the Toronto Stock Exchange on Monday. Century's partner, Champion Iron Mines Ltd (CHM.TO), fell 6% to $0.46."

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This article appears in: Investing Commodities
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