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cheap snapbacks Pricing for the bulk commodity was expected to remain volatile for several years until iron ore and steel mill overcapacity had been worked off.On Thursday, the world largest steel producer ArcelorMittal told news agency Reuters that it was suspending a significant expansion of its Mont Wright iron ore mine, located next to Champion Bloom Lake asset, owing to poor market conditions.Champion had already identified the potential to improve mine capacity at Bloom Lake, O stated, noting that previous operations had historically produced a maximum of six million tonnes a year of iron ore fines, at 66% iron. At this grade, Bloom Lake product fetched a premium to the standard 62% iron index price.would look to increase this to over seven million tonnes a year, at a similar grade, chiefly through the implementation of a new mine plan, as well as improved recoveries, he advised.O took up the position of Champion chairperson after the merger with Mamba Minerals in 2014, and he added the title of CEO of the company later that year.Before championing the potential of Canada Labrador Trough, O a former Glencore executive led the development of Riversdale Mining with its large scale Benga and Zambeze mines, in Mozambique, from a junior with a market capitalisation of A$7 million until it was acquired by Rio Tinto for A$4.1 billion. During the period at Riversdale, O raised about A$780 million for Riversdale.The CEO said that Champion had approached Cliffs in connection with a potential acquisition of the Bloom Lake mine and Quinto claims at least two years ago, even before activist investor Casablanca had launched and won its proxy contest with Cliffs, whose new management was more in favour of focusing on the company core US iron ore pellets business.Champion had closely monitored the development of the Bloom Lake mine and, since December 2014, the company had completed financial and technical due diligence and prepared a financial model that reflected the pricing assumptions, production improvements and cost reductions required to achieve profitable operation, O explained.believe there is capacity to reduce the care and upgrade costs at the Bloom Lake mine, which would reduce the overall required capital cheap snapbacks.