TORONTO, April 17,
2024 /CNW/ - Rio Tinto released its quarterly
operational report for the first quarter ending March 31, 2024, which included Iron Ore Company
of Canada (IOC) production and
sales information. Specifically, Rio Tinto announced that in the
first quarter of 2024, IOC had total saleable iron ore production
of 4.45 million tonnes, comprised of 2.53 million tonnes of pellets
and 1.92 million tonnes of concentrate for sale (CFS). Rio
Tinto also announced that IOC had total iron ore sales in the first
quarter of 2024 of 4.52 million tonnes, comprised of 2.54 million
tonnes of pellets and 1.98 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 announced that IOC's
2023 production guidance (pellets and CFS) of 16.7 to 19.6 million
tonnes remains unchanged.
LIORC will be releasing its first quarter 2024 results of
operations after the market close on May 8,
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