TORONTO, April 20,
2022 /CNW/ - Rio Tinto released its quarterly
operational report for the first quarter ending March 31,
2022, which included Iron Ore Company of Canada (IOC)
production and sales information. Specifically, Rio Tinto announced
that in the first quarter of 2022, IOC had total saleable iron ore
production of 4.09 million tonnes, comprised of 2.46 million tonnes
of pellets and 1.64 million tonnes of concentrate for sale
(CFS). Rio Tinto also announced that IOC had total iron ore
sales in the first quarter of 2022 of 3.43 million tonnes,
comprised of 2.41 million tonnes of pellets and 1.02 million tonnes
of CFS. Comparisons to prior quarters and Rio Tinto's commentary on
the changes can be found in Rio Tinto's quarterly operational
report which is posted on its website. Please note that the IOC
sales tonnages are calculated slightly differently for the LIORC
Royalty. Rio Tinto also announced that IOC 2022 production guidance
(pellets and CFS) of 17.0 to 18.7 million tonnes remains
unchanged.
LIORC will be releasing its first quarter 2022 results of
operations after the market close on May 5, 2022.
About Labrador Iron Ore Royalty
Corporation
The Corporation holds a 15.10% equity interest in IOC directly
and through its wholly-owned subsidiary, Hollinger-Hanna Limited,
and receives a 7% gross overriding royalty and a 10 cent per tonne commission on all iron ore
products produced, sold and shipped by IOC.
Forward-Looking
Statements
This press release may contain "forward-looking" statements that
involve risks, uncertainties and other factors that may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Words such
as "may", "will", "expect", "believe", "plan", "intend", "should",
"would", "anticipate" and other similar terminology are intended to
identify forward-looking statements. These statements reflect
current assumptions and expectations regarding future events and
operating performance as of the date of this press release.
Forward-looking statements involve significant risks and
uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not such results will be achieved. A
number of factors could cause actual results to vary significantly,
including iron ore price and volume volatility, exchange rates, the
performance of IOC, market conditions in the steel industry, mining
risks and insurance, relationships with indigenous groups, natural
disasters, severe weather conditions and public health crises,
changes affecting IOC's customers, competition from other iron ore
producers, estimates of reserves and resources, government
regulation and taxation and cybersecurity. A discussion of
these factors is contained in LIORC's annual information form
dated March 11, 2022 under the heading, "Risk Factors".
Although the forward-looking statements contained in this press
release are based upon what management of LIORC believes are
reasonable assumptions, LIORC cannot assure investors that actual
results will be consistent with these forward-looking statements.
These forward-looking statements are made as of the date of this
press release and LIORC assumes no obligation, except as required
by law, to update any forward-looking statements to reflect new
events or circumstances. This press release should be viewed in
conjunction with LIORC's other publicly available filings, copies
of which can be obtained electronically on SEDAR
at www.sedar.com.
SOURCE Labrador Iron Ore Royalty Corporation