IOCC History - 1958 to 1962

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IOCC started exploratory drilling at Carol Lake in 1956. It was quickly discovered that the area around Carol Lake had an almost unlimited amount of iron ore and in 1958 it was announced that IOCC would proceed with its Carol Lake Project. The shareholders again would go into debt and would not see a return on investment until 1962, the forecasted completion date. There was some debate as to whether the Carol Project would just produce concentrates or if a facility would be built to produce pellets. The initial decision was for the building of a concentrator; however, plans for a pellet plant facility were being developed, and, in fact, the pellet plant facility was started before the concentrator was completed.

In order to ship the Carol Lake ore to market the following required completion:

• A railway spur line to the QNS&L had to be built from Ross Bay Junction to the Wabush narrows.
  
  
• To provide hydroelectric power to the town, mine and process plants, the Twin Falls Hydroelectric Project was developed.
  
  
• To provide accommodation and food for the thousands of people involved in constructing this project.
  
  
• To confirm laboratory results, a pilot plant was constructed. The concentrates collected from the operation of this plant were sent to prospective customers.
  
  
• To plan and build a concentrator and other associated processes with the capability to double capacity.
  
  
• Continue to map potential reserves to be used for mine site design.
  
  
• The building of a town site for future employees (later called Labrador City) including shopping centers, schools, homes, roads, etc.