LABRADOR – Toronto-based Labrador Iron Mines Holdings (LIM) has signed an agreement to sell its entire 2012 iron ore output to Iron Ore Company of Canada. IOC will sell the iron ore on the spot market for delivery to Asian customers. By virtue of the volume of ore, shipping rates will be lower than they were last year.
Iron ore from LIM’s James mine in northwest Labrador is transported by rail from its Silver Yards rail head, near Schefferville, QC, via rail to Sept-Iles where the ore is unloaded and stockpiled adjacent to LIM’s Point-aux-Basques dock facilities leased from the port of Sept-Iles. Approximately 600,000 (wet) tonnes of LIM’s iron ore were transported by rail to the port of Sept-Iles during the second half of 2011.
LIM is taking a staged approach to mining its DSO (direct shipping ore) project. More information is available at LabradorIronMines.ca.