TORONTO, Dec. 4, 2020 /CNW/ - Labrador Iron Ore Royalty
Corporation (the "Corporation") announced today that it has been
advised that the Innu communities of Uashat mak Mani-utenam and
Matimekush-Lac John signed a Reconciliation and Collaboration
Agreement with the Iron Ore Company of Canada ("IOC").
The life of mine agreement lays the groundwork for a mutually
beneficial relationship based on dialogue, collaboration and trust
between the company and the two communities over the coming
decades. Among other things, it will facilitate greater
participation from the communities in IOC's activities such as
training and development, employment, collaboration on
environmental projects, procurement partnerships and will provide
them with financial benefits.
The agreement also calls for an end to the legal action
initiated by Uashat mak Mani- utenam and Matimekush-Lac John
against IOC, allowing IOC to continue its activities in Sept-Îles
and Labrador City and its economic
contributions to Labrador West and the North Shore.
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 and a 10 cent per tonne commission on all iron ore
products produced, sold and shipped by IOC.
SOURCE Labrador Iron Ore Royalty Corporation