Carol Lake is Canada's second largest mine and first started production in 1962. The mine is located approximately 900 kilometres north-east of Montreal. It is majority owned by Rio Tinto (58.7%) with Mitsubishi and Labrador Iron Ore Royalty Corp (LIORC) owning 26.2% and 15.1% respectively. Development of the Wabush 3 pit was approved in February 2017 and will increase Carol Lake's concentrate production by up to 5Mtpa. A two-month strike in April and May 2018 will affect production and costs for the year.