Toronto, Ontario-based iron ore producer Labrador Iron Mines Holdings Limited (LIM) has announced its financial results for the financial year ended on March 31.
LIM reported a net loss of C$129.7 million in the financial year 2012-13 compared to a net loss of C$14.7 million during the previous financial year. The sales revenues of the company amounted to C$95.7 million from iron ore shipments of 1.56 million mt during the given period. The revenues were negatively impacted by lower iron ore prices.
In the FY 2012-13, the company achieved its iron ore production target of 1.7 million mt and sold 1.56 million dry mt of iron ore in 10 ships during the given year, which represents a substantial increase in sales over the previous year. Rail volumes also increased substantially on year-on-year basis, totaling 1.6 million wet mt delivered to Port of Sept-Îles.
For the financial year 2013-14, LIM is targeting 1.75 million mt to 2.0 million mt of saleable iron ore production.