TORONTO, Oct. 16,
2024 /CNW/ - Rio Tinto released its quarterly
operational report for the third quarter ending September 30, 2024, which included Iron Ore
Company of Canada ("IOC")
production and sales information. Specifically, Rio Tinto announced
that in the third quarter of 2024, IOC had total saleable iron ore
production of 3.60 million tonnes, comprised of 2.17 million tonnes
of pellets and 1.43 million tonnes of concentrate for sale ("CFS").
Rio Tinto also announced that IOC had total iron ore sales in the
third quarter of 2024 of 4.06 million tonnes, comprised of 1.97
million tonnes of pellets and 2.09 million tonnes of CFS.
Please note that the IOC sales tonnages are calculated slightly
differently for Labrador Iron Ore Royalty Corporation's ("LIORC")
royalty.
IOC's total saleable production (CFS plus pellets) for the third
quarter of 2024 was 11% lower than the same quarter last year due
to an 11-day site-wide shutdown following forest fires in mid-July.
This resulted in a revised mine plan and maintenance schedule,
leading to a reduction in IOC's full year saleable production
guidance to 15.5 to 16.3 million tonnes (previously 16.7 to 19.6
million tonnes). Comparisons to prior quarters and Rio Tinto's
commentary on the changes can be found in Rio Tinto's quarterly
operational report which is posted on their website.
LIORC will be releasing its full third quarter report after the
market close on November 5, 2024.
About Labrador Iron Ore Royalty Corporation
The Corporation holds a 15.10% equity interest in IOC directly
and through its wholly-owned subsidiary, Hollinger-Hanna Limited,
and receives a 7% gross overriding royalty on all iron ore products
produced, sold and shipped by IOC and a 10
cent per tonne commission on all iron ore products produced
and sold by IOC.
Forward-Looking Statements
This report may contain "forward-looking" statements that
involve risks, uncertainties and other factors that may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Words such
as "may", "will", "expect", "believe", "plan", "intend", "should",
"would", "anticipate" and other similar terminology 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 report.
Forward-looking statements involve significant risks and
uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not such results will be achieved. A
number of factors could cause actual results to vary significantly,
including iron ore price and volume volatility; the performance of
IOC; market conditions in the steel industry; fluctuations in the
value of the Canadian and U.S. dollar; mining risks that cause a
disruption in operations and availability of insurance; disruption
in IOC's operations caused by natural disasters, severe weather
conditions and public health crises, including the COVID-19
outbreak; failure of information systems or damage from cyber
security attacks; adverse changes in domestic and global economic
and political conditions; changes in government regulation and
taxation; national, provincial and international laws, regulations
and policies regarding climate change that further limit the
emissions of greenhouse gases or increase the costs of operations
for IOC or its customers; changes affecting IOC's customers;
competition from other iron ore producers; renewal of mining
licenses and leases; relationships with indigenous groups;
litigation; and uncertainty in the estimates of reserves and
resources. A discussion of these factors is contained in LIORC's
annual information form dated March 12,
2024 under the heading, "Risk Factors". Although the
forward-looking statements contained in this report are based upon
what management of LIORC believes are 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 report and LIORC assumes no
obligation, except as required by law, to update any
forward-looking statements to reflect new events or circumstances.
This report should be viewed in conjunction with LIORC's other
publicly available filings, copies of which can be obtained
electronically on SEDAR+ at www.sedarplus.ca.
SOURCE Labrador Iron Ore Royalty Corporation