Joyce Lake DSO Project Achieves Environmental Assessment Milestone
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THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR DISSEMINATION IN THE UNITED STATES
For Immediate Release TSX: CNT
JOYCE LAKE DSO PROJECT ACHIEVES ENVIRONMENTAL ASSESSMENT MILESTONE
Hong Kong, November 10, 2022 – Century Global Commodities Corporation (“Century”) (TSX:
CNT) and its 91.6% owned subsidiary Joyce Direct Iron Inc. (“JDI”) , or collectively (the
“Company”), are pleased to announce that the Impact Assessment Agency of Canada (the “IAAC”
or the “Agency”) has advised the outcome of a conformity review of the draft Environmental
Impact Statement (the “EIS”) for the Joyce Lake Direct Shipping Iron Ore Project (the “Project”),
in a letter dated November 7, 2022, that it has determined that the draft EIS and the associated
English EIS summary for the Project from JDI (the proponent of the Project) submitted on October
1, 2022, is sufficient to proceed to technical review by the Agency, federal authorities and
Indigenous groups that have requested to participate in the review.
On October 1, 2022, JDI submitted to the Agency the draft EIS and the English EIS Summary for
the Project, with the French translation of EIS summary submitted to IAAC on November 3, 2022.
The Agency and federal authorities reviewed the draft EIS and EIS summary in consideration of
the Guidelines for the Preparation of an Environmental Impact Assessment for the Joyce Lake
Direct Shipping Iron Ore Project (the “EIS Guidelines”) issued in March 2013 and the conformity
requirements issued on July 5, 2021 after the Agency’s review of the previous version of the EIS.
Based on this review, the Agency has determined that the draft EIS is sufficient to proceed to
technical review by the Agency, federal authorities and Indigenous groups that have requested
to participate in the review. However, as indicated in previous emails and discussed on July 26,
2022, the Agency will expect the final EIS to have updated information for each of the Indigenous
communities. The Agency understands that the proponent is continuing to engage with
Indigenous groups to meet this requirement prior to submission of the final EIS.
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The Agency’s review did identify some outstanding editorial changes that were requested in the
July 5, 2021 conformity requirements. While these do not necessitate a delay in starting technical
review, the Agency request that they be addressed prior to the submission of the final EIS and
EIS summary, which will be in a combi ned report form also conforming to the EIS Guidelines of
Newfoundland and Labrador.
Proceeding to a technical review does not imply that the information provided is adequate to
support the completion of the environmental assessment. Following the technical review of the
draft EIS by the Agency, if there are gaps in the information required as per the EIS Guidelines for
the Project, the Agency may request further information be submitted by the proponent. It
should be noted that federal authorities have already provided comments that may be developed
into information requirements during the technical review.
Project Summary
The greenfield project is in Newfoundland and Labrador, approximately 20km from the town of
Schefferville, Quebec.
The Project is an open pit direct shipping iron ore mine producing 2.5 million tonnes annually for
about 7 years. L ump and fines products will be produced after ore crushing and screening and
will be trucked 43km to an existing rail line and transferred by unit trains to the Multi-User port
at Pointe Noire, on the St Lawrence Seaway, for shipment primarily to China.
On October 31, 2022, the Company announced the Project feasibility study results based on an
average three year look back product selling price of US$124.95/dmt for 62%Fe CFR China at an
exchange rate of US$0.77 to C$1.00. The feasibility study determined a Project initial capital cost
of C$270.4 million , pre-production working capital requirements of C$80.4 million and an
operating cost of C$95.26/dmt landed China and it also determined an after tax NPV8 of C$184.6
million, IRR of 20.01% and a payback of 3.7 years.
Federal and Provincial Environmental Assessment
The Project continues in Environmental Assessment (“EA”) federally by the IAAC and provincially
by the Newfoundland and Labrador Department of Environment and Climate Change (“NL-ECC”).
The Company will combine the IAAC EIS with the NL -ECC EIS and submit a final combined EIS
document to both agencies in mid 2023.
On October 1, 2022, the Company submitted a draft EIS to IAAC who on November 7, 2022 ,
advised they were proceeding with a technical review of the draft EIS with involvement of federal
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authorities and Indigenous groups who had indicated an interest in participating . The IAAC
proceeding with a technical review, is a major project milestone and is expected to reduce review
time by IAAC of the final combined EIS.
The Company also plans to submit the draft EIS to NL-ECC for review and comment to similarly
facilitate review of the final combined EIS. Coordination is underway for a provincial review to
advance the process as much as possible ahead of a final submission of the combine d (federal
and provincial) EIS to allow the Company to be advised of issues earlier to address them in the
final report.
The Company continues to collect and collate environmental baseline data and do extensive
consultation with Indigenous groups about verification of EIS content, their concerns and
potential mitigations, the results of which will be included in the final combined EIS submitted to
IAAC and NL-ECC in mid 2023 with the target for a release from the EA process by both IAAC and
NL-ECC in early 2024.
If there are a ny significant deficiencies in the draft EIS or if additional data requirements are
determined by IAAC or NL-ECC, a delay in submitting the final combined EIS may occur.
Sandy Chim, Century’s President, and CEO said, “I am pleased with our EA progress and achieving
the major milestone of proceeding with the IAAC technical review of the draft EIS”. He also said,
“I look forward to submission of the final combined EIS in mid-2023 and how work now being
done will allow accelerated progress towards EA release in early 2024, placing the Company in a
position to make a production decision.”
ABOUT CENTURY
Century Global Commodities Corporation ( TSX: CNT ) is primarily a resource exploration and
development company with a large portfolio of multi -billion tonne iron ore projects in Canada,
mostly discovered by its own exploration team. It has other non-ferrous metals properties under
exploration as well as a well-established food distribution business (Century Food) in Hong Kong.
The Joyce Lake DSO Iron Ore Project
Joyce Lake, our most advanced project, is a DSO project in Newfoundland and Labrador, close
to the town of Schefferville, Québec which is serviced by a rail link directly to ocean shipping
iron ore ports at Sept-Îles. The Project has completed an updated feasibility study in 2022 and is
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undergoing environmental assessment. Joyce Lake is held in a special purpose vehicle, Joyce
Direct Iron Inc., to be spun out to be a separate listed company.
Century Food
Century Food is a subsidiary operation of the Company which started a few years ago and is a
value-adding marketing and distribution business of quality food products sourced from such
regions as Europe and Australia and sold in the Hong Kong and Macau markets.
For further information please contact:
Sandy Chim, President & CEO
Century Global Commodities Corporation
416-977-3188
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CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
THIS PRESS RELEASE CONTAINS “FORWARD -LOOKING INFORMATION” WITHIN THE MEANING OF CANADIAN
SECURITIES LEGISLATION. THE FORWARD -LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE
REPRESENTS THE EXPECTATIONS OF CENTURY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS
SUBJECT TO CHANGE AFTER SUCH DATE. FORWARD -LOOKING INFORMATION INCLUDES INFORMATION THAT
RELATES TO, AMONG OTHER THINGS, CENTURY’S OWNERSHIP AND PLANS FOR THE SPIN -0UT, INCLUDING
LISTING, FINANCIN G AND DEVELOPMENT OF THE JOYCE LAKE DSO IRON ORE PROJECT, INCLUDING (I)
ESTIMATES AS TO RESOURCES AND RESERVES FOR THE PROJECT, (II) ESTIMATES AS TO THE CAPITAL COSTS,
OPERATING COSTS, PRODUCTION RATES, MINE LIFE, NET PRESENT VALUE AND RATES OF RETURN FOR THE
PROJECT, (III) PROJECTIONS AS TO THE TIME FRAME FOR THE ADDITIONAL WORK REQUIRED TO COMPLY WITH
THE PROVINCIAL ENVIRONMENTAL IMPACT ASSESSMENT GUIDELINES; (IV) THE ABILITY OF JDI TO CONCLUDE
BENEFIT AGREEMENTS WITH FIRST NATIONS AND THE GOVERNMENT OF NEWFOUNDLAND AND LABRADOR; (V)
THE TIMELINE FOR COMPLETION OF THE EIS PROCESS BY JDI; (VI) THE ABILITY OF JDI TO MEET ALL FEDERAL AND
PROVISIONAL EIS REQUIREMENTS AND TO ULTIMATELY SECURE THE REQUIRED ENVIRONMENTAL PERMITTING;
AND (VII) THE ABILITY OF JDI TO LIST ITS COMMON SHARES ON THE NEO AEQUITAS STOCK EXCHANGE, OF
WHICH THERE IS NO ASSURANCE. FORWARD -LOOKING INFORMATION IS BASED ON, AMONG OTHER THINGS,
OPINIONS, ASSUMPTIONS, ESTIMATES AND ANALYSES THAT, WHILE CONSIDERED REASONABLE BY CENTURY AT
THE DAT E THE FORWARD -LOOKING INFORMATION IS PROVIDED, ARE INHERENTLY SUBJECT TO SIGNIFICANT
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THE RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY THE FORWARD -LOOKING INFORMATION MAY INCLUDE,
BUT ARE NOT LIMITED TO, RISKS GENERALLY ASSOCIAT ED WITH CENTURY’S BUSINESS, AS DESCRIBED IN
CENTURY’S ANNUAL INFORMATION FORM FOR THE YEAR ENDED MARCH 31, 2022. INVESTOR SHOULD ALSO
REVIEW THE FS IN DETAIL UPON ITS PUBLICATION IN ORDER TO FULLY UNDERSTAND THE RISKS AFFECTING THE
PROJECT AND THE ESTIMATES INCLUDED IN THE PROJECT. READERS SHOULD NOT PLACE UNDUE IMPORTANCE
ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER
DATE. WHILE CENTURY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY
PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.