Iron Ore Mine Re-opens

Iron Investing News reports iron prices have dropped due to the recession.

Many mine workers left the area while the mine was closed. Local businesses took a big hit. “We had five hard weeks. It was very slow, extremely slow, but this afternoon there seems to be more people around than what we have seen over the past five weeks,” said Linda Park, manager of the Carol Wabush Co-op. But while the economy is showing signs of turning around, IOC says it’s still too soon to consider restarting the mine’s nearly $1-billion expansion project that was being discussed last year.

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