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Labrador Iron MinesHoldings Limited |
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Schefferville Area Projects |
Schefferville Area Projects
LIM's mine operations involve the extraction of iron ore by developing open pit mines, starting with the James Mine, which commenced initial production in June 2011. Commercial production was achieved in April 2012 and LIM completed its third year of operations in November 2013. Through to the end of its third operating year, LIM sold approximately 3.6 million dry tonnes (approximately 3.8 million wet tonnes) in 23 cape-size shipments to the Chinese spot market. LIM did not undertake any mining operations for the 2014 operating season due to a combination of the prevailing low price of iron ore in 2014, an assessment of the current economics of its deposits and a strategic shift in corporate focus towards establishing a lower cost operating framework, while concurrently negotiating the commercial terms of major contracts. LIM's current focus is seeking additional financing and completing a debt restructuring. The Company is also working on development of the 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. At present, LIM has confirmed NI 43-101 compliant measured and indicated minerals resources of 54.8 million tonnes at a grade 56.8% Fe at its Schefferville Projects (as at March 31, 2014). In addition, LIM holds previously-mined stockpiles with a NI 43-101 compliant, indicated mineral resource of approximately 3.5 million tonnes at an average grade of 49.1% Fe and an inferred resource of approximately 2.9 million tonnes at an average grade of 48.8% Fe. These stockpiles are located within 15 km of Silver Yards and form part of LIM's Stage 1 deposits. LIM's Schefferville Projects comprise 20 different iron ore deposits, which were part of the original IOC direct shipping operations conducted from 1954 to 1982 and formed part of the 250 million tonnes of historical reserves and resources previously identified by IOC. The Company holds approximately 108 million tonnes in historical resources previously identified by IOC. The historical resources, based on work carried out by IOC, was prepared according to the standards used by IOC and, while still considered relevant, is not compliant with NI 43-101. The Company plans to bring the historical resources on these other deposits into NI 43-101 compliant status sequentially in line with their intended phases of production. LIM also holds a NI 43-101 compliant inferred mineral resource estimate for the Elizabeth Taconite Project (as at June 15, 2013) of 620 million tonnes at an average grade of 31.8% Fe. Taconites require upgrading through a concentrator involving a major capital investment to produce a saleable iron ore product. A full list of LIM's mineral resource estimates can be found here.
Technical Reports
Technical Report on the Preliminary Economic Assessment of the Houston Project, Provinces of Newfoundland and Labrador and Quebec, Canada
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