Canadian mining company Labrador Iron Ore Royalty Corporation (LIORC) has announced its financial results for the second quarter and the first half of 2012.
In the given quarter, LIORC's net profit decreased by 23.6 percent to $36.8 million, while its revenues amounted to $36.4 million, down 4.46 percent, both year on year. In the first six months of the current year, the company registered a net profit of $59.8 million, down 31.3 percent compared to the corresponding period of the previous year.
In addition, the iron ore sales of Iron Ore Company of Canada (IOC) in the second quarter amounted to 3.44 million mt, increasing by 16.6 percent year on year, while the first half sales increased to 5.79 million mt, up 5.27 percent compared to the first half of 2011.
Regarding the 2012 outlook, with the commissioning of the new ore delivery system and the additional grinding mill completing the first phase of the IOC's expansion and phase two expected to be completed early next year, the increased production capacity indicates an increase in revenue.