Investissement Québec is in negotiations with Cliffs Natural Resources to restart operations at the Bloom Lake iron ore mine in the north-east of the province.

Québec Energy and Natural Resources Minister Pierre Arcand was quoted by Bloomberg as saying that it is too early to provide more details on the matter.

"We’ll look for the best way to relaunch this facility."

The company suspended activities at the mine earlier this month as part of its plan to exit Eastern Canadian iron ore operations.

Cliffs gained control of the mine as part of its $3.6bn acquisition of Consolidated Thompson Iron Mines in 2011.

The company’s plan to exit iron-ore operations is in response to a drop in the prices of the commodity.

Cliffs Natural Resources iron in the Great Lakes region and metallurgical coal in the US as well as an iron ore mining complex in Western Australia.