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 2014-15.
LIM reported a net loss of C$4 million in the June quarter, significantly down from a net loss of C$28.5 million during the same quarter of the previous financial year. LIM did not have any shipments of iron ore during the first quarter. Accordingly, no net revenue was recognized from mining operations during the period.
In the June quarter, LIM did not conduct any mining operations and does not currently plan any mining or processing activity in 2014, which is planned instead to be a development year.
The company stated that during calendar 2014 its focus is on developing the Houston Mine and, subject to completion of financing and negotiation of major contracts, the company expects to be in a position to begin mining production from Houston in 2015.