Economy
Labrador City was built around the rich iron ore deposits of the Labrador Trough by the Iron Ore Company of Canada (IOC) in the 1960s. The Carol Project is the major iron ore mining operation for the area. In 2008, IOC and their parent company Rio Tinto announced it would spend $800 million to develop additional mines in the region. Only a few months after announcing the second phase of their expansion the project was shelved due to the economic recession and low demand for steel. With the world recovering from the economic crisis it is believed IOC will go ahead with their expansion in the near future.
The town is serviced by the Wabush Airport, the three airlines flying out of the airport are Air Canada Jazz, Provincial Airlines, and Air Inuit.
The town contains an ice arena. The main shopping centre in the town, Labrador Mall, includes a Wal-Mart; there is also an IGA grocery store.
Read more about this topic: Labrador City
Famous quotes containing the word economy:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)