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IOCC meaning in Business ?

Answer» What is Iron Ore Company of Canada mean?

Iron Ore Company of Canada (often abbreviated to IOC) (French: Compagnie Minière IOC) is a Canadian-based producer of iron ore. The company was founded in 1949 from a partnership of Canadian and American M.A. Hanna Company. It is now owned by a new consortium, including the Mitsubishi and Rio Tinto corporations. Rio Tinto is the majority shareholder in the venture, with 58.7% of the joint stock as of October 2013. Mitsubishi controlled 26.2% of the investment as of March 2013.

Based in Montreal, Quebec, IOC currently has mining and concentrator operations in Labrador City, and operates the Quebec North Shore and Labrador Railway to ship ore concentrate from the mines, such as Wabush, to the port of Sept-Îles, Quebec. Currently, this railway (along with the TSH, CFAQ, and WABL lines) form an isolated railroad network, as it does not interchange with any other rail lines on the North American network.

During 1977 to 1983, the president of the company was Brian Mulroney, who later served as Canadian Prime Minister from 1984 to 1993.

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