MetalQuest Mining’s Lac Otelnuk project in northern Quebec is one of the largest iron ore deposits globally, with proven and probable reserves of 4.9 billion tonnes, containing approximately 1.4 billion tonnes of iron at a grade of 28.7%. The feasibility study from 2015 suggests a potential yield of 68% iron concentrate, making it a critical player in low-emission steelmaking, which led to its designation as a critical mineral by Ottawa in 2024.
Located 165 km northwest of Schefferville, Lac Otelnuk has a proposed net present value of C$5.24 billion and capital costs estimated at C$14.2 billion, making it one of the most expensive mining projects ever. MetalQuest is currently seeking a significant financial partner to advance the project, having engaged with several major companies, particularly in Japan.
The gap analysis was completed on February 18, 2023, and future studies, including a new feasibility study, are planned for the coming years. If partnered successfully, production could start as early as 2035, contingent on obtaining necessary permits and agreements.
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