Canadian iron ore mining companies halt operations due to wildfires (NYSE:RIO)

Rio Tinto (NYSE: RIO) announced Monday that it had begun shutting down the Iron Ore Company of Canada in Newfoundland and Labrador in response to a local government evacuation order due to wildfires.

Earlier in the day, Champion Iron Ore (OTCQX:CIAFF) also announced that it would temporarily suspend operations at its Bloom Lake mine.

A severe forest fire in Newfoundland and Labrador forced the local government to order the evacuation of residents of Labrador City on Saturday.

The Iron Ore Company of Canada, a producer and exporter of premium iron ore pellets and high-grade concentrate, is a joint venture between Rio Tinto (RIO), Mitsubishi (OTCPK:MSBHF) and Labrador Iron Ore Royalty Income Corp., which produced nearly 16.5 million tonnes of iron ore in 2023.

According to S&P Global, Champion (OTCQX:CIAFF) produced 14.16 million tonnes of iron ore in the 12-month period ended March 31.