Business
LIM First iron ore shipments of 2013
LIM First iron ore shipments of 2013.
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n \nAnglesey Mining plc\n\n7 June 2013 LSE:AYM\n\nLIM - First iron ore shipment for 2013\n\nCommissioning of Silver Yards Phase 3\n\nAnglesey's 15% owned associate Labrador Iron Mines Holdings Limited (LIM) has\nmade its first shipment of iron ore for 2013. The JK Pioneer, a Cape-size\nvessel carrying 174,360 wet metric tonnes of LIM iron ore, has sailed from the\nport of Sept-ÃŽles, bound for China.\n\nLIM's first shipment consisted of sinter fines largely comprised of stockpiled\nmaterial at the mine site and some port inventory, at a planned average grade\nof about 58% iron (\"Fe\"). Subsequent shipments during 2013 will be sinter fines\nand lump ore at a planned average grade of approximately 62% Fe. These\nshipments will consist of iron ore from the James Mine, made up of a mixture of\nhigher grade dry screened ore and lower grade material that will be upgraded at\nthe Silver Yards wet processing plant. Total saleable iron ore production in\n2013 is expected to be between 1.75 to 2.0 million tonnes.\n\nIn May 2013, LIM signed a new two-year iron ore sales agreement with the Iron\nOre Company of Canada (\"IOC\") for the sale of all of LIM's iron ore production\nfor the next two calendar years 2013 and 2014. IOC has entered into an iron ore\noff-take agreement with RB Metalloyd Limited (\"RBM\") under which RBM has agreed\nto buy LIM's iron ore from IOC on a FOB Sept-ÃŽles basis. Under LIM's new sales\nagreement, IOC will pay for the iron ore progressively, as the ore is resold,\nwith the price calculation based on the monthly average of the market index,\nadjusted for product quality specification, premiums or penalties and after\nocean freight and IOC's price participation.\n\nThe Silver Yards wet processing plant has restarted for the 2013 year and\nincludes the Phase 3 upgrade and expansion which is now being commissioned. The\nwet plant will ramp up to its design capacity by the end of June and will\noperate in conjunction with the dry plant, which has been processing iron ore\nsince April.\n\nJohn Kearney, Chairman and Chief Executive of Labrador Iron Mines, stated \"We\nare happy to report that LIM's first shipment of 2013 has sailed and that\nproduction is ramping up largely on schedule, despite difficult weather\nconditions that prevailed in the Schefferville area during April and May. Now\nthat the Silver Yards wet...