Toronto, Ontario-based iron ore producer Labrador Iron Mines Holdings Limited (LIM) has announced its financial results for the first quarter ended on June 30 of the financial year 2012-13.
LIM reported a net loss of C$10.6 million during Q1 FY 2012-13 compared to a net loss of C$4.7 million during the corresponding quarter of the previous financial year. The sales revenues of the company amounted to C$38 million from iron ore shipments of 486,000 mt during the given quarter. The company stated that the revenues were impacted by lower iron ore prices and higher production costs.
LIM mined approximately 668,000 mt of iron ore at a grade of 62.6 percent from its James iron ore mine. By the end of the quarter, the mine was operating at a rate of 32,000 mt per day.