IOCC History - 1900 to 1947

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In 1936, Labrador Mining and Exploration, which held the mineral rights to land north of the St. Lawrence River in Labrador, hired Joseph Arlington Retry (1891-1945) to explore for various minerals. Although iron ore reserves in the Knob Lake region were already known; with the help of local natives, Retty discovered higher grade iron ore deposits at Sawyer Lake. In 1945, because of the depletion of iron ore reserves in Minnesota's Mesabi Range, Knob Lake again became the focal point of further exploration. In 1950, exploration proved the 400 million tons of iron ore reserves needed to make this mining project viable.

On July 27, 1947, eight men in a log cabin made a firm commitment to start this iron ore project. These men were: J.R. Timmins, John Knox, H.L. Pierce, W.H. Durrell, G.M. Humphrey, M.C. Lake, J.H. Thompson and L.H. Timmins. The owner of the cabin, M.C. Lake, who was unaccustomed to high finance, recalls wishing the men would be quiet so he could get some sleep.

To develop these deposits, The Iron Ore Company of Canada was formed in 1949. The partners at that time were Hollinger Consolidated Gold Mines, Hollinger North Shore Exploration Company, Labrador Mining and Exploration Company, The M.A. Hanna Company, Hanna Coal and Ore Company, Armco Steel Corporation, National Steel Corporation, Wheeling Steel Corporation, and Youngstown Sheet and Tube Company. The six companies listed last signed a twenty-five year contract to purchase ore from IOCC. After consulting with governmental officials of Canada and USA, IOCC decided to incorporate in the state of Delaware, because it had the most relaxed statutes concerning frequency of meetings and other legal requirements. On October 19, 1949, the concession companies signed the legal agreement and one month later received their charter.