Climate Change Data

Environmental Metrics

ESG Focus Areas

• Not disclosed

Environmental Achievements

• Not disclosed

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• extended plant downtime in the second and third quarters as a result of equipment failures and forest fires in the region
• inventory availability issues at the port

Mitigation Strategies

• changes in the mining sequence, which resulted in an increase in the amount of crushed ore that was delivered to the concentrator
• improved availability of inventory and timing of vessels

Supply Chain Management

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• changes in government regulation and taxation; national, provincial and international laws, regulations and policies regarding climate change that further limit the emissions of greenhouse gases or increase the costs of operations for IOC or its customers

Opportunities

• significant additional demand for the type of high-quality iron ore products that IOC is capable of producing will come from the global transition to green steel

Reporting Standards

Frameworks Used:

Certifications:

UN Sustainable Development Goals

• Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

Environmental Challenges

• Wildfires in June 2023 temporarily shut down IOC operations.
• Lower feed from the mine (due to lower haul truck availability and higher cycle times) and changes in mine sequence lowered the mill throughput rate and weight yield at IOC.
• Issues relating to the availability of inventory and timing of vessels affected IOC sales tonnage.
• Wildfires in July 2024 caused the evacuation of residents of Labrador City and temporarily suspended IOC’s operations, potentially affecting annual production forecasts.

Mitigation Strategies

• IOC is focusing on upgrading its capital assets through increased capital expenditures (US$408 million forecast for 2024).

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Disruption in IOC’s operations caused by natural disasters, severe weather conditions

Transition Risks

• National, provincial and international laws, regulations and policies regarding climate change that further limit the emissions of greenhouse gases or increase the costs of operations for IOC or its customers