Labrador Iron Mines

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Investor Presentation

Fact Sheet


What's New

July 28, 2015

LIM CCAA Order Extended


July 23, 2015

Fiscal Year-End Results
and Update on Corporate Activities


April 10, 2015

John Kearney on BNN's Commodities



More News

April 2, 2015

LIM Announces Restructuring Under CCAA


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Labrador Iron Mines (LIM) is engaged in the mining, exploration and development of direct shipping (DSO) deposits located in the Schefferville/Menihek region of the prolific Labrador Trough. Production commenced at the James Mine and Silver Yards plant in 2011 and through to the end of its third operating year, the Company sold approximately 3.6 million dry tonnes (3.8 million wet tonnes) in 23 shipments of iron ore into the Chinese spot market.

LIM did not undertake any mining operations in the 2014 or 2015 operating seasons due to the deteriorating iron ore market conditions and particularly in the context of LIM's previous high operating costs. LIM's current focus is completing its financial restructuring and seeking additional financing.

LIM is also working on development of its Houston Mine, to be in a position to complete construction and begin mining operations from Houston when market conditions permit, subject to completion of financing and negotiation of major contracts.

On April 2, 2015 LIM initiated a Court-supervised restructuring process under the Companies' Creditors Arrangement Act (CCAA) in order to facilitate a restructuring and refinancing of its business operations. The CCAA proceedings will, among other things, provide LIM with the time and stability to restructure its business, negotiate a restructuring plan with stakeholders, compromise creditor claims, restructure key operating contracts, secure new financing, and otherwise consider restructuring and refinancing options.

Under the CCAA proceedings, LIM's principal objectives are to restructure its debt obligations, preserve the value of its mineral properties and restructure operating costs, including key operating contracts. LIM intends to develop and implement a comprehensive restructuring plan, which may require the Company to monetize certain non-core assets to fund its operating costs and other expenses or secure interim debtor-in-possession financing. LIM is seeking to complete these proceedings as quickly as responsibly possible in order to minimize restructuring costs and the impact on its business operations.

The LIM Advantage

 

Latest News

  • 20 Direct Shipping (DSO) iron ore deposits in western Labrador and Quebec
  • Extensive infrastructure in place from previous IOC operations including power, airport, roads, 565km of rail, deep sea port
  • Low capex open-pit mining, technically simple processing
  • High quality lump and fines products suitable for Asian and European markets
  • Growing resource and production profile, over 20+ year mine life
 



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