Labrador Iron Mines

Holdings Limited

   
 
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Investor Presentation

Fact Sheet


What's New

November 28, 2017

Labrador Iron Mines Reports Second Quarter Results


August 25, 2017

Labrador Iron Mines Reports First Quarter Results


July 31, 2017

Labrador Iron Mines Reports Fiscal 2017 Year End Results


February 28, 2017

Labrador Iron Mines Reports Third Quarter Results


December 16, 2016

Labrador Iron Mines Clarifies Fisheries Act Charges


December 14, 2016

Labrador Iron Mines CCAA Plan of Arrangement Sanctioned by Court


November 28, 2016

Labrador Iron Mines Reports Second Quarter Results


September 20, 2016

Annual Meeting of Shareholders: Remarks of Chairman & CEO


September 20, 2016

Annual Meeting of Shareholders: Corporate Update


July 29, 2016

Labrador Iron Mines Reports Fiscal 2016 Year-End Results and Corporate Update


May 19, 2016

Unnamed Tributary Presentation


May 19, 2016

Redmond Creek Presentation_May 2016


More News

April 10, 2015

John Kearney on BNN's Commodities



Location Map

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Labrador Iron Mines (LIM) is engaged in the exploration and development of direct shipping (DSO) deposits located in the Schefferville/Menihek region of the prolific Labrador Trough. Production commenced at the James Mine in 2011 and through to the end of 2013, the Company mined and sold approximately 3.6 million dry tonnes (3.8 million wet tonnes) in 23 shipments of iron ore into the Chinese spot market.

LIM did not undertake any mining operations in the 2014 to 2017 operating seasons due to the deteriorating iron ore market conditions and the prevailing low price of iron ore. 

On April 2, 2015, LIM instituted proceedings in the Ontario Superior Court of Justice (the "Court") for a financial restructuring by means of a plan of compromise or arrangement under the Companies' Creditors Arrangement Act ("CCAA"). On December 14, 2016 LIM's Plan of Compromise and Arrangement having been approved at the creditors meetings held on December 6, 2016, was sanctioned by the Ontario Superior Court of Justice in Toronto. 

The Plan was designed to restructure the LIM group's business to preserve its mining assets, permit LIM to continue its site activites in a standby mode in the near term, and to preserve a significant portion of the group's tax losses.

The principal results of implementation of the Plan is the conversion of debts of Labrador Iron Mines Holdings (“LIMH”) into equity in LIMH and conversion of the debts of LIM and Schefferville Mines Inc ("SMI") into equity in LIM. 

LIM is now positioned to resume mining operations and development of its Houston Mine, when market conditions permit, subject to completion of financing and negotiation of major contracts.


Labrador Iron Mines Limited

LIMH now holds approximately 51% of the shares of LIM and former creditors of LIM and SMI now hold, as a group, a 49% equity interest in LIM. LIM holds all of the group's mineral properties and assets.


Houston Iron Royalties Limited

Former creditors of LIM and SMI also received shares in Houston Iron Royalties Limited ("RoyaltyCo"), a newly-formed corporation that has the right to receive a royalty equal to 2% of the sales proceeds (FOB Port of Sept-Iles) received by LIM from sales of iron ore from LIM's Houston and SMI's Malcolm properties.


 

The LIM Advantage

 

Latest News

  • 20 Direct Shipping (DSO) iron ore deposits in western Labrador and Quebec
  • Extensive infrastructure in place from previous IOC operations including power, airport, roads, 565km of rail, deep sea port
  • Low capex open-pit mining, technically simple processing
  • High quality lump and fines products suitable for Asian and European markets
 



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