The move comes less than two years after the Montreal-based firm decided to add exposure to the steelmaking raw material by grabbing a stake in the fellow Canadian iron ore company.
Labrador Mining News
Until now Canadian companies needed to have at least 51% stake in any uranium project.
The Canadian miner became the latest victim of slumping iron ore prices.
According to TD's latest report, real GDP growth in Alberta will inch forward by only 0.5% this year before speeding up to 1.8% in 2016.
Quebec's highest court has refused to hear an appeal of a last year judgment that rejected a motion to dismiss the millionaire lawsuit against the miner's Iron Ore Co. of Canada (IOC).
Chief Financial Officer Luciano Siani confirmed Tuesday the company's plans to sell a minority stake in its metals-producing unit.
Closing the mine will cost $650 million to $700 million over the next five years.
Quebec judge wouldn't dismiss $900 million lawsuit.
CEO Murilo Ferreira thinks the ore may get close to 2011’s peak of $168 a ton.
The world’s second-largest mining company’s produced 139.5 million metric tons of iron ore in the six months through June, while its shipments rose 20% to 142.4 million tons.
Billionaire Andrew Forrest, who made his fortune as the driving force behind Fortescue, says high cost competitors will exit the market shortly.
The firm said it has already put in place savings initiatives in various areas including mining equipment rates, rail car leasing rates and corporate and administration costs.
$15 billion of investment in Labrador mining projects over the next decade may be jeopardized by the lack of energy sources unless alternatives, such as generating power from the Muskrat Falls, are put in place.
The President of CANARAIL is pleased to announce the recent signature of a contract with the mining company Labrador Iron Mines (LIM) to help the miner improve and optimize its current onsite transport solutions.
Announce today Altius has signed a memorandum of understanding with Virginia mines, the two companies will cooperate on the base-precious metals project in Quebec and southern Labrador .