MONTREAL, Aug. 10, 2012 /PRNewswire/ - CN (TSX: CNR) (NYSE:CNI) announced today that a customer group of mining companies - Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF), Labrador Iron Mines Holdings Ltd. (TSX: LIM), New Millennium Iron Corp. (TSX: NML), Cap-Ex Ventures Ltd. (TSX-V: CEV) (Frankfurt: X0V) (OTCQX: CPXVF), and Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) - has committed to work with CN on a feasibility study into the construction of a proposed rail line and terminal handling facility to serve the Quebec/ Labrador iron ore range.
CN, its partner in the venture -- La Caisse de dépôt et placement du Québec -- and the customer group of mining companies will proceed immediately to fund a feasibility study to progress the cost and engineering parameters of the proposed rail network and its associated infrastructure.
Claude Mongeau, president and chief executive officer of CN, said: "CN will work closely with mining companies in the group and the Caisse to determine the best design and right timing for the development of rail infrastructure to tap the significant iron ore production potential of the Labrador Trough in northern Quebec and Labrador. As North America's largest hauler of iron ore pellets, CN is well positioned to respond effectively to the needs of our customers in this market and to do so in a sustainable and economically viable way."
To advance the process as quickly as possible, CN in the coming days will coordinate the application to the Canadian Environmental Assessment Agency for required permits for the project. This will allow the feasibility study to be launched along with the appropriate consultations with all relevant stakeholders, including First Nations.
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