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Pellet sales were comparable in the second half of to the same period in Production and sales in both periods were affected by the refurbishment of a pellet line.

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IOC is focused on restoring the capacity of the pellet plant to The capital expenditures were essentially on budget and included the completion of the development of the Moss Pit in September, the refurbishment of the No. The collapse of the tailings dam and loss of human life at Vale's Corrego de Feijao mine in Brumadinho, Minas Gerais state, Brazil "Brumadinho" on January 25, had a profound influence on the seaborne iron ore market. The full impacts are uncertain at present. However, low profit margins for Chinese steelmakers at present could limit the duration of the price spike.

Vale announced on January 29, plans to cut production of some 40 million tonnes per year, including the pellet feed needed for the production of 11 million tonnes per year of pellets. Additional Vale production cuts of 30 million tonnes per annum were announced in February as a result of a civil court order which Vale is appealing. The forecast decline over the two years is because of the expectation of softer growth in Chinese demand. As at mid-February there was uncertainty in the Atlantic pellet market, as the Brumadinho disaster caused delays in the annual pellet negotiations between Vale and the European steelmakers.

In late steelmakers were faced with falling margins which causes them to purchase less expensive, lower quality iron ore. The steelmakers judged that this would result in an increase in the cost of pellets and resisted the change. The Brumadinho disaster is expected to result in a decreased supply of pellets worldwide, and there are reports that Vale will fill Brazilian orders for pellets over other customers. Prior to the Brumadinho disaster, the market was generally assuming the re-opening of the Samarco pellet plant in Brazil in This is now seen as highly unlikely. Some analysts are modelling a partial re-start of Samarco in Pellet producers were maximizing pellet production before the Brumadinho disaster, and therefore it is expected that pellet premiums will remain strong for the balance of at least, considering no likely Samarco production, the cuts to pellet production announced by Vale, and the limited ability of existing major producers to ramp up production.

A potential brake on pellet price increases is the consideration that the margins for European steelmakers are relatively low at present. Rio Tinto's guidance for is This is With the strong pellet premiums, IOC is expected to continue to prioritize pellet production in The IOC objective is approximately 20 million tonnes of concentrate production with sales of up to The reported production capacity of the Bloom Lake is 7.

Tacora Resources Inc. Tacora announced on November 27, that the financing for the re-start of the Scully Mine is complete. The price of iron ore early in has exceeded forecasts. If the strong prices and premiums continue in , the policies of the Chinese government on pollution are not materially relaxed, there are no major negative impacts from the China-US trade negotiations, IOC achieves the production guidance, and the Canadian dollar does not appreciate materially against the US dollar, the outlook for LIORC will be continued strong cash flows. On June 18, the Corporation announced in a press release that its Board of Directors had determined to call a special meeting of shareholders to seek approval of an amendment to LIORC's articles of incorporation to provide LIORC with the flexibility to invest in additional non-operating metal or mineral assets, including royalties and streams, and issue shares to finance such investments, for the specific purpose of allowing the Company to pursue a potentially compelling opportunity that it had been made aware of.

That opportunity never materialized as anticipated and after extensive consultation with shareholders, in a press release dated February 6, it was stated that the directors wished to indicate that they have no intention of calling a special meeting on or before the upcoming Annual General Meeting, nor is a further special meeting currently contemplated.

The directors also clarified that they have no intention of making an acquisition without shareholder approval. The Corporation normally pays cash dividends from its net income to the maximum extent possible, subject to the maintenance of appropriate levels of working capital. It was noted in the February 6, press release that there have been times when the directors have determined that it is appropriate to draw down on its cash reserves and other times where it has been prudent to build cash reserves back up.

The recent increase in the cash balance was based on the directors' view that it was prudent at that particular time to have some additional financial flexibility. On March 7, the directors determined that the cash balance be reduced to a more typical level with excess cash distributed to shareholders by means of a special dividend to be paid on April 25, I would like to take this opportunity to thank our Shareholders for their interest and loyalty and my fellow Directors for their wisdom and support.

William H. Generally, LIORC pays cash dividends from its net income to the maximum extent possible, subject to the maintenance of appropriate levels of working capital. The common shareholders receive quarterly dividends on the common shares on the 25th day of the month following the end of each quarter.

Eight Directors are responsible for the governance of the Corporation and also serve as directors of Hollinger-Hanna. The Compensation and Nominating Committees are composed of five independent Directors. The Audit Committee is composed of four independent Directors. Effective January 1, , Suske Capital Inc. The Corporation is a taxable corporation. Dividend income received from IOC and Hollinger-Hanna is received tax free while royalty income is subject to income tax and Newfoundland royalty tax. Expenses of the Corporation include administrative expenses. Hollinger-Hanna is a taxable corporation.

Dividends to a shareholder that are paid within a particular year are to be included in the calculation of the shareholder's taxable income for that year. All dividends paid in were "eligible dividends" under the Income Tax Act. The income of the Corporation is entirely dependent on IOC as the only assets of the Corporation and its subsidiary are related to IOC and its operations.

IOC is one of Canada's largest iron ore producers, operating a mine, concentrator and pellet plant at Labrador City, Newfoundland and Labrador , and is among the top five producers of seaborne iron ore pellets in the world. It has been producing and processing iron ore concentrate and pellets since IOC is strategically situated to serve markets throughout the world from its year-round port facilities at Sept-Iles, Quebec. IOC has ore reserves sufficient for approximately 24 years at current production rates with additional resources of a greater magnitude.

It currently has the nominal capacity to extract around 55 million tonnes of crude ore annually.

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The crude ore is processed into iron ore concentrate and then either sold or converted into many different qualities of iron ore pellets to meet its customers' needs. IOC's sales totaled Production in was 8. The Corporation holds certain leases and licenses covering approximately 18, hectares of land near Labrador City. IOC has leased certain portions of these lands from which it currently mines iron ore.

Because the royalty is "off-the-top", it is not dependent on the profitability of IOC. However, it is affected by changes in sales volumes, iron ore prices and, because iron ore prices are denominated in US dollars, the United States - Canadian dollar exchange rate. In addition to the royalty interest, the Corporation directly and through its wholly owned subsidiary, Hollinger-Hanna, owns a Hollinger-Hanna has the right to receive a payment of 10 cents per tonne on the products produced and sold by IOC.

Pursuant to an agreement, IOC is obligated to make the payment to Hollinger-Hanna so long as Hollinger-Hanna is in existence and solvent. These dividends were allocated as follows:. The quarterly dividends are payable to all shareholders of record on the last day of each calendar quarter and are paid on the 25th day of the following month. The following is a discussion of the consolidated financial condition and results of operations of the Corporation for the years ended December 31, and This discussion should be read in conjunction with the consolidated financial statements of the Corporation and notes thereto for the years ended December 31, and The Corporation is a Canadian corporation resulting from the conversion of the Fund under an Arrangement effective on July 1, The Corporation is dependent on the operations of IOC.

IOC's earnings and cash flows are affected by the volume and mix of iron ore products produced and sold, costs of production and the prices received. Iron ore demand and prices fluctuate and are affected by numerous factors which include demand for steel and steel products, the relative exchange rate of the US dollar, global and regional demand and production, political and economic conditions and production costs in major producing areas.

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Labrador City adopts budget. Labrador City budget delayed for a month. The town's budget was expected to be released Friday, but Municipal Affairs Minister Eddie Joyce has granted the town an extension until Jan Even though it is leaner and more efficient, a cratering of iron ore prices means the Iron Ore Company of Canada operation in Labrador West is no longer breaking even, says northern operations vice-president Mike Wickersham..

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However, an emphasis on cost reductions and improved productivity means the operation will be a strong financial performer when markets rebound, he added. Muskrat Falls contract worker fired after innu worker kicked in the head. Nalcor says a worker who allegedly kicked an Innu co-worker at the Muskrat Falls construction site has been fired by the outside contractor who employed him.

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The worker will not be allowed back on site, according to Nalcor spokesperson Karen O'Neill. The Innu Nation said Wednesday night the Innu worker at Nalcor's Muskrat was subjected to violence and racist remarks last weekend. Grand Chief Anastasia Qupee says a man working at the site kicked the Innu worker in the head, and this isn't the first incident involving the same person.

According to Qupee, the person who kicked the worker was previously in trouble for making racist remarks. Qupee said the man allegedly called the year-old Innu worker a "gas-sniffer" two weeks ago. IOC exec says Labrador West operations 'at risk'.

Labrador West from above

IOC exec says Labrador West operations 'at risk' Mike Wickersham says there's a 'chance for survival' if productivity gains continue. A top executive with the Iron Ore Company of Canada says its operations in Labrador West are under threat, but adds recent productivity gains and cost-savings have injected some optimism into the equation. Some industry analysts have been raising concerns about IOC, describing it as a money-losing operation and predicting a possible closure. IOC employs some 2, people in Labrador West.

A closure would deal a devastating blow to the area, which continues to reel from the closure of Wabush Mines in , and the closure of the Bloom Lake mine in northeastern Quebec. It's a double dose of uncertainty for Labrador's iron ore industry. There's more unsettling news for the iron ore industry in Labrador West after a Canadian investment firm suggested IOC is in danger of closing, while hope continues to fade for Alderon's much-hyped Kami Project.

A report by Raymond James Ltd. One analyst said the operation is a "drain" on Rio Tinto and "we believe there is a risk IOC may close if its costs and productivity do not improve. Vale sanctions underground mine at Voisey's Bay. Will extend mine life to and nearly double work Mining giant Vale has approved construction of an underground mine at Voisey's Bay that will extend the life of the northern Labrador mine by about 15 years and provide hundreds more jobs.

A company spokesman said construction will begin next year, and is timed to ensure a continuity of supply for the new multi-billion-dollar nickel processing plant in Long Harbour. And going underground was the next natural step.