Carol Lake iron ore mine Report

Asset Report 18 June 2025

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Report summary

The Iron Ore Company of Canada’s (IOC) Carol Lake operation is Rio Tinto’s key asset for producing high-grade iron ore concentrate and pellets, including both blast furnace (BF) and direct reduction (DR) grades. The ownership structure is split between Rio Tinto (58.7%), Mitsubishi (26.2%), and Labrador Iron Ore Royalty Corp (15.1%). Located in Newfoundland and Labrador, Carol Lake remains Rio Tinto’s primary source of premium low-impurity iron ore while the Simandou project ramps up. The integrated complex includes surface mining, processing and pelletising facilities, a 418 km railway, and a private port terminal at Sept-Îles capable of handling capesize vessels. In 2024, IOC 's output reduced by 2% from the prior year due to scheduled maintenance, truck availability issues, and a wildfire-related shutdown. However, pellet production went to the opposite way rising by 12% year on year. For 2025, overall production will be constrained in part by a car dumper upgrade at Sept-Îles.