Tony Pollock's questions to MANULIFE FINANCIAL (MFC) leadership • Q4 2014
Question
Tony Pollock from Aegis Capital asked for an update on the Wabush iron ore project, questioning its potential profitability at current low prices if MFC were to regain control, and inquired about the payment status from the current lessee, Cliffs.
Answer
President and CEO Gerardo Cortina acknowledged that current iron ore prices make profitability difficult but noted that lower shipping costs and a favorable Canadian dollar exchange rate are positive factors. He stated any decision to restart the mine would require studies confirming economic viability. CFO Sam Morrow confirmed that Cliffs was making its lease payments on a quarterly basis.