/CNW/ - Today Rio Tinto released its quarterly operational report for the third quarter ending
Labrador Iron Ore Royalty Corporation
(TSX:LIF) - Rio Tinto Releases IOC Production
and Sales Information and Lowers 2021
Guidance
TORONTO
,
Oct. 14, 2021
/CNW/ - Today Rio Tinto released its quarterly operational report for the
third quarter ending
September 30, 2021
, which included Iron Ore Company of Canada (IOC)
production and sales information. Specifically, Rio Tinto announced that in the third quarter of 2021,
IOC had total saleable iron ore production of 3.68 million tonnes, comprised of 2.27 million tonnes of
pellets and 1.41 million tonnes of concentrate for sale (CFS). Rio Tinto also announced that IOC had
total iron ore sales in the third quarter of 2021 of 4.14 million tonnes, comprised of 2.34 million
tonnes of pellets and 1.80 million tonnes of CFS. Comparisons to prior quarters and Rio Tinto's
commentary on the changes can be found in Rio Tinto's quarterly operational report which is posted
on their website. Please note that the IOC sales tonnages are calculated slightly differently for
Labrador Iron Ore Royalty Corporation's (LIORC) royalty.
IOC's total saleable production (CFS plus pellets) for the nine months ending
September 30, 2021
was 12.31 million tonnes. As a result of lower than anticipated production year-to-date, Rio Tinto
has lowered its 2021 full year guidance for IOC's saleable production tonnage from 17.9 to 20.4
million tonnes to 16.2 to 17.9 million tonnes.
LIORC will be releasing its full third quarter report after the market close on November 4, 2021.
About Labrador Iron Ore Royalty Corporation
The Corporation holds a 15.10% equity interest in IOC directly and through its wholly-owned
subsidiary, Hollinger-Hanna Limited, and receives a 7% gross overriding royalty and a
10 cent
per
tonne commission on all iron ore products produced, sold and shipped by IOC.
Forward-Looking Statements
This press release may contain "forward-looking" statements that involve risks, uncertainties and
other factors that may cause the actual results, performance or achievements to be materially
different from any future results, performance or achievements expressed or implied by such
forward-looking statements. Words such as "may", "will", "expect", "believe", "plan", "intend",
"should", "would", "anticipate" and other similar terminology are intended to identify forward-looking
statements. These statements reflect current assumptions and expectations regarding future events
and operating performance as of the date of this press release. Forward-looking statements involve
significant risks and uncertainties, should not be read as guarantees of future performance or
results, and will not necessarily be accurate indications of whether or not such results will be
achieved. A number of factors could cause actual results to vary significantly, including iron ore price
and volume volatility, exchange rates, the performance of IOC, market conditions in the steel
industry, mining risks and insurance, relationships with indigenous groups, natural disasters, severe
weather conditions and public health crises, changes affecting IOC's customers, competition from
other iron ore producers, estimates of reserves and resources, government regulation and taxation
and cybersecurity. A discussion of these factors is contained in LIORC's annual information form
dated
March 4, 2021
under the heading, "Risk Factors". Although the forward-looking statements
contained in this press release are based upon what management of LIORC believes are
reasonable assumptions, LIORC cannot assure investors that actual results will be consistent with
these forward-looking statements. These forward-looking statements are made as of the date of
this press release and LIORC assumes no obligation, except as required by law, to update any
forward-looking statements to reflect new events or circumstances. This press release should be
viewed in conjunction with LIORC's other publicly available filings, copies of which can be obtained
electronically on SEDAR at
www.sedar.com
.
SOURCE
Labrador Iron Ore Royalty Corporation
View original content:
http://www.newswire.ca/en/releases/archive/October2021/14/c5567.html
%SEDAR: 00030172E
For further information:
John F. Tuer, President & Chief Executive Officer, (416) 362-0066. E-
mail- [email protected]
CO: Labrador Iron Ore Royalty Corporation
CNW 19:29e 14-OCT-21