TORONTO, Jan. 18, 2022 /CNW/ - On January 18, 2022, Rio Tinto released its
quarterly operational report for the fourth quarter ending
December 31, 2021, which included
Iron Ore Company of Canada (IOC)
production and sales information. Specifically, Rio Tinto announced
that in the fourth quarter of 2021, IOC had total saleable iron ore
production of 4.26 million tonnes, comprised of 2.54 million tonnes
of pellets and 1.72 million tonnes of concentrate for sale
(CFS). Rio Tinto also announced that IOC had total iron ore
sales in the fourth quarter of 2021 of 4.60 million tonnes,
comprised of 2.91 million tonnes of pellets and 1.68 million tonnes
of CFS. 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 its website. Please note that the IOC
sales tonnages are calculated slightly differently for Labrador
Iron Ore Royalty Corporation's (LIORC) royalty. Rio Tinto also
released IOC's 2022 production guidance (pellets and CFS) of 17.0
to 18.7 million tonnes.
LIORC will be releasing its 2021 results of operations after the
market close on March 11, 2022.
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.
Forward-Looking Statements
This press release 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 press release. 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, exchange rates, the performance of IOC, market
conditions in the steel industry, mining risks and insurance,
relationships with indigenous groups, natural disasters, severe
weather conditions and public health crises, changes affecting
IOC's customers, competition from other iron ore producers,
estimates of reserves 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 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
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 LIORC's other publicly available filings, copies
of which can be obtained electronically on SEDAR at
www.sedar.com.
SOURCE Labrador Iron Ore Royalty Corporation