TORONTO, Oct. 17,
2022 /CNW/ - Today Rio Tinto released its quarterly
operational report for the third quarter ending September 30,
2022, which included Iron Ore Company of Canada ("IOC")
production and sales information. Specifically, Rio Tinto announced
that in the third quarter of 2022, IOC had total saleable iron ore
production of 4.73 million tonnes, comprised of 2.62 million tonnes
of pellets and 2.11 million tonnes of concentrate for sale
("CFS"). Rio Tinto also announced that IOC had total iron ore
sales in the third quarter of 2022 of 4.70 million tonnes,
comprised of 2.46 million tonnes of pellets and 2.24 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 their website. Please note that the
IOC sales tonnages are calculated slightly differently for Labrador
Iron Ore Royalty Corporation's ("LIORC") royalty.
LIORC will be releasing its full third quarter report after the
market close on November 3, 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