Labrador Iron Ore Royalty Corporation announced its results for the third quarter ended September 30, 2010. Royalty income for the third quarter of 2010 amounted to Cad$40.59 million as compared to Cad$15.51 million for the third quarter of 2009. The 2010 third quarter improvement resulted from the substantial increases in prices for concentrate and pellets as compared to 2009.
The new control system on the automatic train operation completed commissioning in the third quarter and ore delivery to the concentrator improved. As a result, saleable concentrate production improved over the second quarter of 2003 but remains lower for the first nine months of 2003 in comparison to the equivalent period of 2002. Part of this loss is attributable to an increase in pellet production, which has been consistently higher in 2003 than in 2002.
In the half-year ended Jun30/03, concentrate shipments continue to be production constrained. Concentrate production was adversely affected by the prolonged commissioning of the new control system on the automatic train operating system, crusher breakdowns and lower recoveries. Concentrate was diverted to support pellet production for which demand was strong.
June 30, 2002
Saleable production improved compared with the first quarter of 2002, however, it was lower than in the second quarter of 2001, mainly due to equipment availability problems in the mining operation. Action plans are being implemented to address these equipment availability issues. During the second quarter of 2002 pellet production was intentionally reduced to support the requirement for concentrate sales. Pellet sales increased in the second quarter of 2002 due mainly to increased sales to non-US customers and the deferral of pellet sales from the first quarter.
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