Largest Producers Rio Tinto's Carol Lake site in Canada stands as one of the largest producers of magnetite ore globally, with a nameplate capacity of 23Mtpa of concentrate and pellet feed. Situated adjacent to Labrador City, the Carol Lake mine, concentrator, and pellet plant complex are approximately 420km away from its export port on the lower Saint Lawrence River.  Operational since 1963, the complex is owned and operated by the Iron Ore Company of Canada (IOC), with Rio Tinto holding the majority stake (58.7%), followed by Mitsubishi Corporation (26.2%) and the Labrador Iron Ore Royalty Corporation (15.1%). The complex exports high-grade concentrate and pellets to Europe, the United States, and Asia. Metalloinvest's Lebedinsky GOK also has a capacity of 23Mtpa of pellet feed and is located roughly 650km from Moscow, Russia. Expected to produce around 21.5Mt of pellet feed in 2024, it has an iron content of 66% to 70%. The site reserves 20% of its output for in-house production of HBI and pellets for Metalloinvest's steel plants.