Rio Tinto’s associate company Labrador Iron Ore Royalty Corp’s (LIORC) saleable iron ore production guidance for 2021 is unchanged between 17.9mn to 20.4mn mt compared to its actual output of 17.7mn in 2020.
The Canadian iron ore miner’s concentrate production in Q1 2021 fell to 4.4mn mt compared to 4.69mn mt in Q1 2020.
LIORC’s total saleable production dropped to 3.99mn mt in Q1 2021 compared to 4.36mn mt in the same quarter in 2020. Under this, its pellet production fell to 2.51mn mt in Q1 2021 from 2.79mn mt in the same quarter in 2020. Its production of iron ore concentrate declined to 1.48mn mt in Q1 2021 compared to 1.57mn mt in Q1 2020.
The firm’s total sales in Q1 2021 fell to 4.12mn mt compared to 4.70mn mt in Q1 2020. Sales of pellets dropped to 2.44mn mt compared to 3.02mn mt, while sales of iron ore concentrate remained at 1.68mn mt in Q1 2021 annually.
LIORC’s revenue in Q1 2021 rose to C$65.7mn ($54.2mn) compared to C$48.3mn in Q1 2020, while its net income in Q1 2021 rose to C$86.6mn compared to C$46.7mn on an annual basis.
$1 = C$1.21