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Labrador Iron Ore swings to Q2 net loss on Iron Ore Co. of Canada strike

Labrador Iron Ore Royalty Corp. said Aug. 7 that it swung to a net loss of C$3.2 million in the second quarter, from a net profit of C$32.3 million a year earlier, with royalty revenue sliding to C$5.2 million from C$34.2 million, as Iron Ore Co. of Canada Inc.'s concentrate production in the second quarter fell 69% year over year to 1.5 million tonnes, while pellet output plummeted 78% in the period.

The decline was primary attributed to a nearly nine-week worker's strike at Iron Ore Co. of Canada's IOC mining operations in Labrador, which ended in late May. Iron ore sales tonnage in the period totaled 530,000 tonnes, down 87% year over year.

Iron Ore Co. of Canada is majority owned by Rio Tinto, while Labrador Iron Ore owns a 15.1% interest.

Rio Tinto slashed its full-year attributable pellet and concentrates production guidance at IOC to between 9.0 million tonnes to 10.0 million tonnes.