Toronto, Ontario-based iron ore producer Labrador Iron Mines Holdings Limited (LIM) has announced its operating and financial results for the second quarter ended September 30 of the financial year 2012-13.
LIM reported a net loss of C$31.7 million during Q2 FY 2012-13 compared to a net loss of C$10.6 million during the previous quarter. The sales revenues of the company amounted to C$33 million from iron ore shipments of 648,000 dry metric tons during the given quarter. The company stated that the revenue for the second quarter was negatively impacted by a decline of 33 percent in the spot price of iron ore during the quarter.
LIM mined approximately 962,000 mt of iron ore at a grade of 60.8 percent for the three months ended September 30, which represents a 40 percent increase quarter on quarter. In addition, LIM stated that it demonstrated its mine-to-port operational ability to produce, rail and sell up to 250,000 metric tons of iron ore product per month from its James mine since commencing the 2012 operating season.
The company plans to sell 10 shipments totalling 1.7 million wet metric tons (1.6 million dry metric tons) of iron ore by the end of the 2012 operating season, quadrupling the total tonnage sold in all of 2011.