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Labrador Iron Ore Royalty Corporation - IOC Update
Labrador Iron Ore Royalty Corporation - IOC Update Canada NewsWire TORONTO, Apri...
About this update from Labrador Iron Ore Royalty Corporation
[{"type":"text","content":"\n\n\n\nLabrador Iron Ore Royalty Corporation - IOC Update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, April 2, 2020\n\n\n\nTORONTO, April 2, 2020 /CNW/ - Labrador Iron Ore Royalty Corporation (\"LIORC\") (TSX: LIF) announced today that it has been advised that Iron Ore Company of Canada (\"IOC\") is adjusting its production to focus on meeting the demand for iron ore concentrate. The COVID-19 pandemic situation caused a slowdown in demand for pellets in various markets and industries across Europe and North America. LIORC understands that IOC is temporarily halting production of two pellet machines in Labrador City to respond to market demand for additional concentrate for sale.  Currently, the demand for concentrate remains strong. IOC is in a unique position to be able to adjust its supply of product to align with changing market conditions. \nIOC has advised LIORC that no IOC employees will be laid off as a result of this decision. IOC advises that it is focused on keeping its employees, contractors and local communities healthy and safe while protecting its business and continuing to support the local economies.\nAbout Labrador Iron Ore Royalty Corporation\nThe 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.\nForward-Looking Statements\nThis news release contains \"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 futur...