Labrador Iron Mines Holdings Limited announced that the first shipment of LIM iron ore sailed today bound for China.
The Salt Lake City departed the Port of Sept-Iles at 4.50am EDT on October 3rd 2011 carrying a total of 167,167 wet tonnes of iron ore.
This ore was sold to the Iron Ore Company of Canada under the arrangements LIM has entered into with IOC for the sale and shipping of all of LIM's calendar 2011 iron ore production. The sale price for the iron ore is based on the actual realized prices to Chinese customers, less an allocation for handling, loading, shipping and sales costs.
Mr John Kearney chairman & CEO of LIM stated "This is a momentous day in the history of LIM and is the culmination of six years of endeavor. We are very proud to join the limited group of Canadian mining companies exporting iron ore and we are particularly proud that we have done so whilst maintaining our independence and without taking on debt. We now look forward to expanding on this first sailing in the months and years to come.