WHY INVEST IN RED PARAMOUNT IRON?
Industrial decarbonization is probably the biggest challenge to reducing GHG emissions to Net-Zero by 2050 and about 86% of the publicly traded companies fail to align with the 2°C temperature reduction goal by 2050. Red Paramount offers a silver lining in the production of emission-free steel in the strategic location of the Lac Virot property in the heart of Canada’s primary iron ore-producing region.
Red Paramount offers a spectacular opportunity for investors to benefit from the Lac Virot Project, which has all the elements to be a major producer of green steel from Newfoundland and Labrador for decades!
We utilize sustainable extraction and processing to produce over 68% ultra-high grade iron direct reduction quality feed. Red Paramount plans to be a sustainable and ESG-compliant producer in all aspects of mining and processing its iron ore.
Long Life Asset in Stable Jurisdiction
Lac Virot is an Iron ore deposit with the identified exploration target of 500-700 million tonnes of mineralized iron formation with open boundaries and an average of 28% – 32% total Fe in 3 out of 8 drilled targets. The project benefits from a large land package (114 km2) with 16 km of a substantial exploration potential of over 2 billion tonnes.
Infrastructure
Approximately $3 billion-worth infrastructure is in place – a fully developed Iron Ore mine district. The project has less than a 1 km access distance to a year-round road and a primary underutilized rail carrier QNS&L to the port of Sept-Îles with ample capacity. The strategic location of Sept-Île Port enables the most economical delivery of the produced steel to Europe and North America.
Renewable Energy
The Newfoundland and Labrador region is one of Canada’s largest producers of hydroelectricity. It also has the best wind resources in North America and is home to rapidly developing relevant technologies. Newfoundland and Labrador will have an estimated 3.5 terawatt-hours per year of surplus in 2022 electricity, enough to generate 73,000 tonnes of green hydrogen annually. Hydrogen-based steel production using DRI is expected to replace fossil fuels to enable emission-free steel production.