Labrador Iron Ore Royalty Corporation (TSX: LIF)
TORONTO, October 14, 2021 / CNW / – Today, Rio Tinto released its quarterly operating report for the third quarter ending September 30, 2021, which included production and sales information from Iron Ore Company of Canada (IOC). Specifically, Rio Tinto announced that in the third quarter of 2021, IOC had a total salable iron ore production of 3.68 million tonnes, including 2.27 million tonnes of pellets and 1.41 million tonnes of concentrate. for sale (CFS). Rio Tinto also announced that IOC had total iron ore sales in the third quarter of 2021 of 4.14 million tonnes, including 2.34 million tonnes of pellets and 1.80 million tonnes of CFS. Comparisons with previous quarters and Rio Tinto’s comments on the changes can be found in Rio Tinto’s Quarterly Operational Report which is posted on their website. Please note that IOC’s sales tonnages are calculated slightly differently for the Labrador Iron Ore Royalty Corporation (LIORC) royalty.
IOC’s total salable production (CFS plus pellets) for the nine months ending September 30, 2021 was 12.31 million tonnes. Due to lower than expected production since the start of the year, Rio Tinto has lowered its forecast for the year 2021 for IOC’s salable production tonnage from 17.9 to 20.4 million tonnes to 16 , 2 to 17.9 million tonnes.
LIORC will release its full third quarter report after market close on November 4, 2021.
About Labrador Iron Ore Royalty Corporation
The Company owns a 15.10% interest in IOC directly and through its wholly owned subsidiary, Hollinger-Hanna Limited, and receives a gross overriding royalty of 7% and a 10 cents per tonne of commission on all iron ore products produced, sold and shipped by IOC.
This press release may contain “forward-looking” statements that involve risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied by such press release. forward-looking statements. . Words such as “may”, “will”, “expect”, “believe”, “plan”, “intend”, “should”, “should”, “anticipate” and others Similar terms are intended to identify forward-looking statements. These statements reflect current assumptions and expectations regarding future events and operating performance as of the date of this press release. Forward-looking statements involve significant risks and uncertainties, should not be interpreted as guarantees of future performance or results, and will not necessarily constitute precise indications as to whether or not such results will be obtained. A number of factors could cause actual results to vary significantly, including volatility in iron ore prices and volumes, currency exchange rates, IOC performance, market conditions in the steel industry, mining risks. and insurance, relations with indigenous groups, natural disasters, inclement weather conditions and public health crises, changes affecting IOC customers, competition from other iron ore producers, reserve estimates and resources, government regulation and taxation, and cybersecurity. A discussion of these factors is contained in LIORC’s Annual Information Form dated March 4, 2021 under the heading “Risk Factors”. Although the forward-looking statements contained in this press release are based on what the management of LIORC considers to be reasonable assumptions, LIORC cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and LIORC assumes no obligation, except as required by law, to update any forward-looking statements to reflect new events or circumstances. This press release should be viewed in conjunction with other documents filed by LIORC, copies of which may be obtained electronically on SEDAR at www.sedar.com.
SOURCE Labrador Iron Ore Royalty Corporation
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