Labrador Iron Mines loss soars to $31.7 million in third quarter amid low prices | iNFOnews | Thompson-Okanagan's News Source
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Labrador Iron Mines loss soars to $31.7 million in third quarter amid low prices

TORONTO - Labrador Iron Mines Holdings Ltd. (TSX:LIM) says it had a $31.7-million net loss in its second quarter, or 47 cents per share.

That's more than triple the previous quarter's loss, mostly due to a 33 per cent decline in iron ore prices amid a slowing global economy and lower demand.

The company recognized $33 million of revenue during the July-September quarter, down from $38 million in the previous quarter.

Labrador Iron's year-earlier results are less relevant since its James mine was still ramping up in the comparable period last year and had no revenue then.

LIM posted a $10.5 million loss from May-June this year, or 16 cents per share, and a $7 million loss or 13 cents per share in the July-September period in 2011.

The Toronto-based expects to make one last shipment for the 2012 operating season — the tenth — before shutting down for the winter

It says the spring startup planned for next April will depend on LIM's confidence that the spot price will be US$110 per tonne or higher for the 2013 season.

Note to readers: CORRECTS paragraph 1 to second quarter

News from © The Canadian Press, 2012
The Canadian Press

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