Mapi Mobwano : It’s remarkable for a mine to reach the 50-year mark. This shows that the Mont-Wright deposit is world class.

If I’m President in 2024, it’s thanks to the quality of the work accomplished by my predecessors and the tens of thousands of people who have worked on this exceptional site since the early 70s.

This place has generated work and prosperity in Quebec for 50 years and continues to do so. This is phenomenal when we think about it and we can all be extremely proud.

Mapi Mobwano : We all know that the business environment in which we operate has changed. Our competitors have changed. The world has changed. And we necessarily must also adapt so we can achieve our objectives.

Iron ore prices are cyclical. We must constantly seek to improve so we can operate in a falling market. Because we must bear in mind that when prices are low, the mines that cost the most fail first. A 50-year-old mine represents major challenges in this sense because we must increasingly search for ore at greater and greater depths.

We must make extra efforts to move the waste rock covering the ore. We must move a lot of material to have access to the ore and thus ensure the mine’s sustainability for the decades to come.

We have a chance to operate in a stable and predictable jurisdiction, but one that is also very expensive in terms of operating costs. We are evolving in a global market and must compete in terms of costs with Brazil, South Africa and Australia. To remain competitive, we have no other choice than to continue to improve in our value chain – from the mine to the port, to produce the greatest possible quantity at the best cost. This is the formula that has allowed Mont-Wright to celebrate 50 years, and the same formula will let it operate for another 30 years.

Over the next few years, I believe we can greatly improve in our process in the concentrator to increase iron recovery. Our plan is to grow our iron recovery rates and therefore reduce our discharges into the tailings storage facility.

Since the mine opened, it is estimated that about 225 million tonnes of good ore have been sent to the tailings storage facility. That’s about 4.5 million tonnes a year for the past 50 years! I’m convinced that our growth for the years ahead depends on better processes.

Mapi Mobwano : The mine must be opened up more to search for ore, which is at ever greater depths.

When we look at the mine, we see several banks that form increasingly deep and narrow pits, and we have to reach the bottom of these pits if we retain the current geometry. That’s why we must create new banks that will allow us stable and safe access to the ore lower down.

For those who are familiar with the topography of Mont-Wright, the next few years will be played at Mount Survie, in Pits A and E. Indeed, Mount Survie will guarantee the mine’s turnover to allow opening of the main pits of South Hill and Paul’s Peak.

Mapi Mobwano : Certainly! I’m optimistic by nature and I’m confident we have put all the factors in place to ensure our success in the years ahead. I believe in the prosperity of our communities, their families, Fermont and Port-Cartier.

Mapi Mobwano : To a large extent, yes. The demand for high-purity iron places Mont-Wright in the select club of rare places on the planet where the rock is increasingly sought after.

To understand the situation, you must know that traditional steel mills have long used blast furnaces to convert iron into steel. These blast furnaces notably run on coal, which makes them highly polluting.

Electric arc furnaces allow up to a 50% reduction of the greenhouse gases produced by these mills, which explains the current interest of steel mills in converting their process, especially in countries where electricity is affordable.

However, these electric arc furnaces require the use of higher-quality iron, which is often called “high-purity iron”. And this is precisely the type of iron we have at Mont-Wright.

We are in the Labrador Trough, a territory that accommodates some of the oldest rock on the planet, and this rock contains high-purity iron ore. The quality of the pit from which we extract our raw material therefore allows us to position ourselves among the leading global producers of iron ore, in the same club as Brazil, for example.

The markets also reflect the rarity of this quality resource. It is estimated that the demand for direct reduced pellets made with high-purity iron will increase over 300% by 2050.

Mapi Mobwano : Absolutely! The best evidence is that high-purity iron now appears on the federal government’s list of critical minerals on the Quebec government’s list of critical and strategic minerals.

This means that iron from the Labrador Trough today has become a national priority, on the same basis as certain other minerals notably sought for the energy transition.

Mapi Mobwano : I obviously want us to carry out all our projects. To achieve our objectives together. I also want Fermont residents to be proud. The people here contribute to positioning Quebec among the world leaders in decarbonization. They are at the core of major innovations in the Canadian and global mining industry. What’s happening here is immense, both figuratively and in reality.

We also know that Fermont is celebrating its 50th anniversary and that the Town has seized the opportunity to adopt a strategic plan with three directions: become more deeply rooted in its soil, live its warm and northern character, and assert itself as an innovative and prosperous town. I fully subscribe to this vision, because it is solidly anchored in reality.

I must also mention the efforts we are advancing with the First Nations and, in particular, salute our partners of the Innu Nation of Uashat mak Mani-utenam. Our operations are in Nitassinan and we appreciate the ability to operate in the greatest respect for the peoples and the natural world that gives us access to this wealth. We must never lose sight of the fact that that, by continuing to strengthen our ties, we will succeed in creating new opportunities for collaboration.

Mapi Mobwano : Mont-Wright has a rich heritage and is future will be promising if we work together. I have confidence that we have put everything in place to accomplish big things and ensure the sustainability of this mine for several more decades!