On September 22, Quebec, Canada-based Labrador Iron Mines Holdings Limited (LIM) has announced at its annual meeting of shareholders in Toronto that major developments have resulted over the past year at the Schefferville Area Iron Ore project that have led to the commencement of production and transport and sale of iron ore.
The Silver Yards processing plant has been constructed and commissioned and is now running at design throughput and recovery levels, while an agreement was signed with the Iron Ore Company of Canada for the sale and shipping of all of LIM's iron ore production since September 2010 and it is expected that a total of about 700,000 mt of ore will have been mined until the end of September 2011.
LIM's chairman and CEO John Kearney said the company had moved from being an exploration and development company and has now joined the very limited number of companies mining iron ore in Canada.