Labrador Iron Mines (LIM) didn’t conduct any mining activity at its James mine and Silver Yards processing facilities, located in Labrador, in first quarter of its fiscal year, ended June 30.
The company instead focused on facilities’ maintenance, according to an update from the company.
LIM reported a net loss of C$117,449 ($90,040) in Q1 2020, compared to C$265,362 during the same period in 2019, mainly because there weren’t any capital investments or expenditures on the mine, the company said in a statement.
C$1 = $0.77