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labrador iron mines holdings (LIM) Details

Labrador Iron Mines Holdings Limited is engaged in the exploration, development, and mining of iron ore projects in Canada. The company focuses on the development and production of its 20 direct shipping iron ore projects, known as the Schefferville Projects located in the Schefferville area of the Labrador. It holds interests in the Schefferville projects that include 4 mining leases covering approximately 510 hectares; 11 surface leases consisting of approximately 2,008 hectares; and 25 mineral rights licenses covering approximately 15,650 hectares in the provinces of Newfoundland and Labrador. The company also has interests in 447 mining claims, which comprise approximately 14,342 hectares, as well as an operating license over 142 mining claims covering approximately 2,050 hectares in Quebec. Labrador Iron Mines Holdings Limited was incorporated in 2007 and is headquartered in Toronto, Canada.

33 Employees
Last Reported Date: 06/30/14
Founded in 2007

labrador iron mines holdings (LIM) Top Compensated Officers

Founder, Chairman and Chief Executive Officer...
Total Annual Compensation: C$475.0K
President and Chief Operating Officer
Total Annual Compensation: C$350.0K
Chief Financial Officer
Total Annual Compensation: C$144.0K
Senior Vice President of Operations
Total Annual Compensation: C$250.0K
Compensation as of Fiscal Year 2014.

labrador iron mines holdings (LIM) Key Developments

Labrador Iron Mines Holdings Limited. Reports Financial Results for the Second Quarter Ended September 30, 2014; Reports Impairment Charges for the Second Quarter Ended September 30, 2014

Labrador Iron Mines Holdings Limited. reported financial results for the second quarter ended September 30, 2014. For the fiscal second quarter, the company reported a net loss of CAD 204.7 million, or CAD 1.62 per share, which included non-cash asset impairment charges of CAD 198.2 million. Excluding impairment charges, the net loss of CAD 6.5 million during the quarter was mainly attributable to site standby and development costs, depreciation and depletion, corporate and administrative costs and an unrealized foreign exchange loss. The company invested CAD 0.8 million in property, plant and equipment, related mainly to an expansion of the Silver Yards rail siding and the construction of a landfill. The expansion of the Silver Yards rail siding was entirely funded by Tata Steel Minerals Canada. For the quarter, the company reported non-cash asset impairment charges of CAD 198.2 million. The impairment of long-lived assets largely results from the significant decline of iron ore prices in 2014 to date and the current adverse market conditions for iron ore.

Labrador Iron Mines Holdings Limited. Amends By-Laws

Labrador Iron Mines Holdings Limited. announced that AGM was held on September 18, 2014, the shareholders approve the alteration of the corporation's By-Laws to Permit the Corporation to make use of the Notice-and-Access Method for sending meeting materials to shareholders. By-Law No. 2 of the corporation amending the corporation's general By-Law No.-1 to ensure the corporation may make use of the notice-and-access method for sending meeting materials to shareholders was ratified and confirmed.

Labrador Iron Mines Holdings Limited. and Tata Steel Minerals Canada Reports Positive Drill Results from Its $5 Million Exploration Program on the Howse Deposit

Labrador Iron Mines Holdings Limited reported positive drill results from its $5 million exploration program on the Howse Deposit, held in joint venture with Tata Steel Minerals Canada (TSMC). LIM is also pleased to provide an update on development and planning in support of initial production at Howse in 2016. LIM's $5.0 million Howse exploration program, which commenced in late 2013, comprised of 19 drill holes: six diamond and 13 reverse circulation (RC) holes totalling 2,014 metres. Of the 19 holes drilled, 17 holes returned ore-type intersections, with consistent results over the entire area drilled. Of note, hole HW-DD14-05 returned 84.1 m grading 65.9% iron (Fe) and HW-DD13-01A returned 79.5 m grading 64.52% Fe (cut-off grade of 58.0% Fe), demonstrating significant widths of high-grade direct shipping hematite mineralization. Following the suspension of the exploration program in the winter, a second exploration program commenced in the summer of 2014 in order to maximize the collection of technical data under the current budget. A further 3,500 metres of diamond and RC drilling is currently underway. LIM's remaining financial commitment of $1.8 million for the 2014 Howse exploration program is fully funded. The objective of the exploration program is to carry out infill drilling to define its first NI 43-101 compliant resource and to collect metallurgical, geotechnical, hydrogeological, and hydrology information in support of a Preliminary Economic Assessment (PEA).


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