Mr. Bruce Bone reports
LABRADOR IRON ORE ROYALTY CORPORATION - IOC PRODUCTION AND SALES FIGURES FOR THE FIRST QUARTER OF 2015
Labrador Iron Ore Royalty Corp. royalty company Iron Ore Company of Canada has released production and sales figures for the first quarter of 2015.
IRON ORE COMPANY OF CANADA PRODUCTION
Q1 Q2 Q3 Q4 Total Q1
Saleable iron ore production 2014 2014 2014 2014 2014 2015
Concentrates (000 tonnes) 1,071 1,924 1,593 1,439 6,027 1,370
Pellets (000 tonnes) 1,934 2,104 2,322 2,388 8,748 2,223
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Total iron ore production (000 tonnes) 3,005 4,028 3,915 3,827 14,775 3,593
Concentrate for sales and pellet production in the first quarter of 2015 was 28 per cent and 15 per cent higher than the first quarter of 2014 due to increased asset reliability across the value chain, lower strip ratio and higher weight yield. When compared with the fourth quarter of 2014, CFS and pellet production was down by 5 per cent and 7 per cent, respectively, and this was due to seasonal factors which had historically penalized IOC's first-quarter production by 20 per cent to 25 per cent. The fact that the difference was only 5 per cent and 7 per cent in 2015 is a reflection that this seasonal impact has been largely offset by improved performance in the first quarter of 2015.
SALES
Q1 Q2 Q3 Q4 Total Q1
2014 2014 2014 2014 2014 2015
Concentrates (000 tonnes) 633 1,904 2,288 1,246 6,071 711
Pellets (000 tonnes) 1,876 1,931 1,996 2,402 8,205 2,490
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Total iron ore sales (000 tonnes) 2,509 3,835 4,284 3,648 14,276 3,201
First-quarter 2015 CFS shipments were 12 per cent higher than the first quarter of 2014, mainly driven by the moisture reduction project which helped move more CFS during winter months than last year. However, compared to the fourth quarter of 2014, harsh winter conditions still had significant impact on CFS movement, resulting in more CFS frozen on ground and a 43-per-cent reduction in CFS shipments in the first quarter of 2015.
First-quarter 2015 pellet shipments were 33 per cent and 4 per cent higher than the first quarter and fourth quarter of 2014, respectively, mainly driven by the improvements across the operations.
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