Labrador Iron Mines

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Investor Presentation

Fact Sheet


What's New

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



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Labrador Iron Mines (LIM) is engaged in the mining, 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 and Silver Yards plant in 2011 and through to the end of its third operating year, the Company 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 2016 operating seasons due to the deteriorating iron ore market conditions and particularly in the context of LIM's previous high operating costs. LIM's current focus is securing additional working capital.

LIM is also planning the development of its Houston Mine, to be in a position to complete construction and begin mining operations from Houston when market conditions permit, subject to completion of financing and negotiation of major contracts.

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") and was granted an order (the "Court Order"), as amended and extended providing creditor protection. LIM initiated proceedings under CCAA to provide an opportunity for the orderly restructuring of its business and financial affairs, so as to enable LIM to emerge with a viable business in the most favourable position to secure additional development financing to proceed with the development of the Houston Project and continue as a going concern.

On December 14, 2016 the Plan of Compromise and Arrangement under CCAA having been approved at the creditors meetings held on December 6, 2016, was sanctioned by the Ontario Superior Court of Justice (the "Court") in Toronto. The Plan was approved unanimously by creditors of LIMH who voted in person or by proxy and by approximately 95% in value of creditors of LIMH's wholly owned subsidiaries Labrador Iron Mines Limited ("LIM") and Schefferville Mines Inc ("SMI"), with only one creditor with a contested claim voting against approval.

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. Also under the Plan, creditors with claims of $5,000 or less, or creditors with larger claims who elected to reduce their claims to $5,000, were paid in cash and did not receive any equity interest.

Labrador Iron Mines Limited

Former creditors of LIMH now hold, as a group, approximately 22% of the shares of LIMH and former creditors of LIM and SMI now hold, as a group, a 49% equity interest in LIM.

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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