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)
“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)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)