Canadian mining company Labrador Iron Ore Royalty Corporation (LIORC) has announced its financial results for the third quarter ended September 30, 2011, stating that it improved its revenues due to the increased output levels of Iron Ore Company of Canada (IOC) in the given quarter.
LIORC's revenues for the third quarter stand at $54.9 million as compared to $40.9 million in the same quarter of 2010. Net income of the company increased to $76.3 million in the given quarter, up 16.6 percent compared to the corresponding period of 2010.
The company stated that the third quarter saleable iron ore production of IOC was four percent higher than the third quarter of 2010 and 24 percent higher than the second quarter of 2011. According to LIORC's statement, the increase in output will enable IOC to take advantage of the current demand for iron ore.
For the outlook of the last quarter of the year, iron ore prices are expected to remain closer to 2011 average levels. The company expects to post positive results for the final quarter of 2011 and the next year.