11:49 AM EDT, 07/15/2024 (MT Newswires) -- Champion Iron ( CIAFF ) and Labrador Iron Ore Royalty ( LIFZF ) over the weekend said they are temporarily shutting down operations in response to wildfires.

Champion Iron ( CIAFF ) said it will halt operations at the Bloom Lake mine due to fires north of its operations. The company has initiated its emergency response protocol and is gradually evacuating its workforce.

The company said it is working with local and regional authorities and mobilized teams to mitigate the impact of the fires on its infrastructure.

Rio Tinto (RAX)-owned Iron Ore Company of Canada (IOC) also launched a temporary shutdown of operations and said the fire has potential to grow significantly closer to Labrador West.

Labrador Iron Ore Royalty ( LIFZF ) holds a 15.10% equity interest in IOC and receives a 7% gross overriding royalty on all iron ore products produced, sold and shipped by IOC and a $0.10 per tonne commission on all iron ore products produced and sold by IOC.

These suspensions come after the community of Labrador City, about 20 kilometers from Bloom Lake, was ordered to evacuate due to an approaching wildfire

Champion Iron ( CIAFF ) shares were last seen down $0.15 to 5.94 on the Toronto Stock Exchange while Labrador Iron Ore was up $0.17 to $30.88.

Price: 5.95, Change: -0.14, Percent Change: -2.30