Canadian miner Labrador Iron Ore Royalty Corp (LIORC), which is a part of Rio Tinto, expects its saleable production tonnage to be between 17.9mn mt to 20.4mn mt in 2021. The company forecasts Capex of C$460mn ($364.4mn) this year compared to C$288mn in 2020.
The firm’s iron ore concentrate production in 2020 dropped to 18.66mn mt compared to 18.96mn mt in 2019. During this period, saleable iron ore output fell to 17.72mn mt from 17.94mn mt. Pellet volumes declined to 9.58mn mt last year from 10.06mn mt in 2019 while Concentrate for sale (CFS) production increased to 8.14mn mt last year compared to 7.88mn mt.
In 2020, the company’s total sales amounted to 18.33mn mt, up from 17.14mn mt in the prior year. During the year, revenue climbed to C$202.3mn against C$178.3mn in 2019.
Concentrate production the fourth quarter of 2020 rose to 4.88mn mt from 4.66mn mt in Q4 2019. During the quarter, its saleable iron ore output rose to 4.67mn mt compared to 4.36mn mt in Q4 2019. Pellet production increased to 2.46mn mt from 2.41mn mt on an annual basis. CFS output rose to 2.21mn mt from 1.95mn mt in Q4 2019.
Total sales in the fourth quarter rose to 4.37mn mt from 4.54mn mt in the same quarter in 2019. LIORC’s Q4 2020 revenue increased to C$54.4mn compared to C$39.6mn in Q4 2019.
($1 = C$1.26)