IOC back to work in Labrador

April 26, 2007

TORONTO, April 26 /CNW/ - The Iron Ore Company of Canada (IOC) announced today (see attached press release) that its unionized employees at Labrador City have ratified the five year agreement reached with their United Steelworker Negotiating Committee on Sunday April 22nd 2007.

The unionized employees have been on strike at Labrador City & Sept Iles since March 9, 2007, IOC expects productions to be resumed as soon as all employees can be recalled.

PRESS RELEASE

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Iron Ore Company of Canada

IOC Back to Work in Labrador

(Canada) Montreal, Sept-Iles, Labrador City, April 26, 2007 - By a vote of approximately 60% in favour, the Production & Maintenance workers at IOC's Mining, Concentrating and Pelletizing Operations in Labrador have ratified the Agreement reached with their United Steelworker Negotiating Committee on Sunday April 22nd 2007. The smaller warehouse local followed suit slightly later at a 67% rate of acceptance. Many employees are being called back to work as early as today. Unionized employees at the port and terminal operations in Sept Iles (Quebec) are scheduled to consider a similar package today which is unanimously recommended by their Negotiating Committee. The Five year package, that includes a number of improvements, will come into effect immediately.

Terence F. Bowles, President and CEO of IOC said "We are looking forward to getting our people back to work and producing product for our valued customers. Our main concern now is to arrange for a safe and orderly return to work. We are confident that we will put this dispute behind us and together continue to build a strong and successful IOC.

Details of the Agreement can be viewed on the website www.ironore.ca.

About IOC

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IOC is the largest manufacturer of iron ore pellets in Canada and its customer base covers North American, European and Asian steel producers. The Company operates a mine, concentrator and a pelletizing plant in Labrador City, Newfoundland and Labrador, as well as port facilities located in Sept-Iles (Quebec). It also operates a 418 kilometer railroad that links the mine to the port. IOC has approximately 1700 employees and its major shareholder and operator is the international mining group Rio Tinto, which has activities in more than 40 countries throughout the world.

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