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Currently all of Iron Ore Company of Canada's (IOC) iron ore products are produced at the company's Carol Lake operations, located at Labrador City in the southwestern portion of Newfoundland-Labrador. The area, approximately 965 km NE of Montreal, is 535 meters above sea level in a climatic region characterized by cold winters and short, cool summers. The temperature ranges from •\50•Ž to 25•Ž. IOC began working in the area in 1949, however, it was not until 1958 that the decision was made to proceed with mining operations. The ore body consists of Specular Hematite (Fe203) and Magnetite (Fe304) with small quantities of Limonite and Geothite. The average grade of the ore bodies is 39% iron. The mining facilities, crushing plant, and concentrator were in operation by the early part of 1962. In the summer of 1961, a decision was made to build a pelletizing plant adjacent to the concentrator. This plant was designed, erected and placed in operation during 1962 and the first half of 1963. Since the completion of the pelletizing plant, additional expansions to both the pellet plant and concentrator have taken place in 1967 and 1973. Today, the Carol Project has the capacity to

Improving the competitiveness of Iron Ore Company of Canada in the world market.