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.
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Famous quotes containing the word economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)