LABRADOR and QUEBEC – Toronto’s Labrador Iron Mines Holdings (LIM) has completed a successful $110-million equity financing with which move its direct shipping iron ore (DSO) project near Schefferville closer to production. Most of the money will be spent to expand the Silver Yard marshalling area and for payments under recently announced rail transportation agreements.
LIM’s properties were part of the original Iron Ore Company of Canada Schefferville holdings. LIM plans to develop 20 DSO iron deposits in stages beginning with the James and Redmond deposits. They are located near existing infrastructure, and are fully permitted. Commercial production is to begin this year. The targeted rate is 2.0 million tonnes per year.
Technical reports can be read at www.LabradorIronMines.ca.